the scale of local government debt expanded rapidly in recent years，and potential risk increase largely. The local government has responsibility to repay the debt up to 20.6 trillion yuan and the debt rate is 113.41% from the Government Audit Commission in 2013 July. In order to make a clear distinction between obligations and to resolve the debt risk，the State Council published the “opinions of the State Council on strengthening the management of local government debt” （43 article） in September 21，2014，requires the local government to establish normative local government debt financing mechanism，and to included the stock of debt classification into the budget management system，and make a clear distinction between government and enterprise obligations，to resolve the local government the debt risk. The old local government debt control risk and new financing method becomes the market focus，this article will analysis the situation and the existed risk of the local government debt in Henan province，and puts forward relevant policy suggestions.