China's government recently introduces the local debt replacement project with 1 trillion yuan and aims to replacing part of the local debt for local governments bonds. ANBOUND think tank scholars suggest that the project have remarked the beginning of regulating inventory debt, and give the final word to address local debt. In the framework of central-local financial game, the project is probably launched alone with the in-depth systematic reform on finance and tax. It is expected to improve the expending liabilities and civil power of both the central and local governments, and reasonably adjust central-local income classification.