However, in order to ensure the smooth progress of municipal construction, the local government establishes Urban Construction Investment Company guaranteed by local governments to issue bonds, that is, the so-called "City Investment Bond". 然而现实中,为了保证市政建设的顺利进行,地方政府通过包装地方政府投融资平台或城投公司,由地方政府提供担保或向银行借款来发行债券,即是所谓的城投债。