From the perspective of recent audits, local governments in China have formed a large number of "invisible debts" outside the system through financing platforms, enterprises, and institutions. The measures are concealed and the scale is huge, which poses a certain risk to the financial and economic operation. Specifically, regarding the characteristics of local governments' “invisible debt”, the main manifestations are the scale of the debt, the diversity of debt types, the number of bearer themes, and the high default risks. The “invisible debt” of local governments should be given high priority.