The importance of controlling debt risks has been increasingly emerging，as the scale of the government debts of Guizhou expands constantly year by year. First，this report states the running conditions of local government bonds’ market，then analyzes how the project income special bonds are used and how much it pulls on regional investment，at last dissects the regional debt risks around the overall conditions of local government debts and fiscal performance of Guizhou，and makes recommendations how to develop next for local government bonds of Guizhou.