Abstract: Central government lost the control of the supervision on local finance in late Qing , and the financial power gradually devolved and fell into disarray , This situation characterized financial trends between central and local governments.Foreign debts accompanied and influenced the ebb and flow of power of central and local governments throughout the late Qing , and made financial relationships much more complex.

摘要： 晚清中央对地方财政监管的失控 ,财权的不断下移以致崩溃 ,构成中央与地方财政关系变化的基本态势。其间外债作为晚清财政的产物 ,一直伴随和影响着中央与地方权力的消长 ,并使得这一关系更为复杂和特殊。