Under the current institutional framework，local governmentsshowed obvious soft constraint tendency in debt financing. To deal with this tendency，central government introduced many policies to regulate the debt financing of local government. There was a “loose-tightening” process between central government and local governments. After the financial crisis in 2009，the economic stimulus plan that central government taken had broken the swing pattern. Central government and local governments promoted debt financing together. This paper takes the perspective of the relationship between the central government and local governments. Through collecting relative economic policy of the central government and the debt information of the local governments，we will try to reveal how the central and local governments promote debt financing together.