This document discusses China's subnational debts and provides suggestions. It finds that while China's overall subnational debt levels are generally controllable, there are some risks, particularly from debts held by municipal and county governments, financing platforms, and in areas like construction. The document recommends establishing a standardized local debt financing system according to the revised Budget Law, completing short-term control tasks while reforming related systems, and setting up accurate debt statistical, reporting and disclosure systems to improve debt management.