On October 2nd, 2014, the State Council promulgated the Several Opinions on Improving the Management of the Local Government Debts, systematically normalizing the issue of release and management of China's local government debt. For local government, the debt management will bring about a strong binding force to the expansion of the debt and the usage for the financial funds. What impact will the document have after its introduction? What kind of regulation will it bring to local government's behavior? What influence will it exert on the local government's debt market? We will carry out a brief analysis towards the above issues, based on our understanding for the relevant policies.