On the evening of May 3, the Chinese Ministry of Finance, the National Development and Reform Commission, the Central Bank, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the Ministry of Justice and other six ministries jointly issued a notice on further regulating the financing and the financing of local government debt (No. 50 [2017]), which is to regulate the financing behaviour of local government under debt. To Anbound researchers who are tracking the long-term policy, this is a comprehensive tightening measure against the local government's direct or indirect debt, which should cut off the credit off the local financing platforms, subordinate agencies and local government, and this will further tighten up the credit environment. Local government officials probably need to change their thinking and rethink the issue of market environment. In the future, getting into debt will be a burden and could even affect the officials' position.