It would seem that the Chinese Central Government's macroeconomic policy this year will be that of positive fiscal policy, which would become the main force to drive for short-term economic growth in China. Chinese official scholars are quite optimistic that "debt exchanges for a large number of high-quality resources" and that "local assets are capable to deal with any risk". However, Anbound think-tank scholars believe that this greatly underestimates the seriousness of local financial risks at the local level. Many places in the China have a higher debt level where the debt pressure is great without sufficient implementation of the actual active fiscal policy. Taking into account the strong inertia of the implementation of fiscal policy in China, focusing on the expansion of the demand model is sometimes difficult to reverse at the moment. The implementation of active fiscal policy is also has its limitation, and China should remain vigilant on the financial risks.