bet365 best casino games Socialism with Chinese characteristics enters a new era，Promoting high -quality development is imperative，At this new historical time，Discuss only from the perspective of the local government to explore China's future development path.。From the perspective of the central government，By digging out the financial game of the central land to observe how the central financial reform goals are gradually realized through its top -level design，and the reform of local debt issuance as a typical case，Use the multiplier method to carry out empirical inspection of the process and effect of the top -level design of the central government。Research Discovery，The central government is based on the design of the top -level design，According to the observation and judgment of local government behavior，Adjust the empowerment method in time，Finally promoted the realization of the reform goals。This is to understand the central land fiscal game after reform and opening up，Provided a new perspective。

　　Keywords:Central Earth Finance Game  Central Government  top -level design  Local debt  Local fiscal risk

Author Lu Wei，Professor of the Institute of Economics and Social Development, Northeast University Bet365 app download of Finance and Economics (Dalian  116025); Zhou Jiayin，Doctoral Student (Dalian  116025); Lu Yi，Professor of the School of Economics Management of Tsinghua University (Beijing  100084）。