Since the financial crisis in 2008，the debt of local governments in China has grown rapidly. Under the guidance of the central government’s effective debt regulation policies，the risk of explicit debt of local governments is basically controllable. It is noteworthy that，since the implementation of the new budget law in 2014，various illegal financing actions of local governments have been increasing，leading to the rise of implicit debt risk. To this end，the central and financial departments have begun to build the system of accountability and monitoring of implicit debt，and various local governments have also adopted corresponding measures to restrain the growth of implicit debt. Based on the analysis of the existing implicit debt problem，we put forward the principles and policy suggestions for the future regulation of implicit debt risk.