Based on the probe into the necessity and feasibility of establishing the local government bonds-issuing mechanism, the article has proposed the fundamental thinking of establishing city bonds system.

本文从对我国建立城市公债制度的必要性和可能性的分析出发，提出了建立我国城市公债制度的基本思路。

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The issue of local government bonds is a basic requirement of the tax assignment system, and is favorable for providing provision effectively for the area of jurisdiction inhabitant publicly.

我国发行地方公债是分税制体制的基本要求，有利于更有效地为辖区居民提供公共品。

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Under a system of purely local lending, a system with no securitisation, no packaging into bonds and no selling off to banks in far away places, we would still have seen banks toppling over like dominoes.

FORBES: Ezra Klein, The Financial Crash and Risk Dispersement