As seeing that the urbanization fund is gradually treated as one of the regulation-off financial measures by local governments, ANBOUND warns the high risks involved in it. The measure might be helpful in responding to the short-term local dilemmas, but can not resolve the middle-and-long-term difficulties. Regulating the local's financing model via debts fundamentally roots in institutional construction. It is not only an economic and financial problem, but also a long-term proposition of "construction by laws".