关键词: 债务可持续, 财政空间, 经济增长, 财政反应函数

Abstract: Based on the provincial data from 2010 to 2019 and the fiscal space theory of Ghosh et al（2013），this paper studies the relationship and its mechanism among government debt sustainability，fiscal space and economic growthThe results show that fiscal fatigue has occurred in some provinces in China，which requires special vigilance to control minefield of the debt riskHowever，the debt limit in different regions is heterogeneousMost local governments have enough “leeway” to implement fiscal stimulus without damaging sustainabilityThere is an inverted  “U” relationship between the fiscal space of provincial governments and economic growth in China，that is，when the government debt ratio is higher than the critical point of fiscal space （or lower fiscal space），it begins to hinder economic growthTherefore，it is necessary to achieve higher growth by reducing the government debt ratioThe mechanism test results show that the most important channels for government debt to affect economic growth are public investment and private investment Total factor productivity, savings and longterm real interest rate are also important channels for debt to affect growth，while longterm nominal interest rate has not become the channel for debt to affect growth

Key words: debt sustainability, fiscal space, economic growth, fiscal response function