Abstract: Land finance and land financing as well as the coupling of the two can be seen as a special kind of economic phenomenon in China in recent years, they are also an important driving force for China’s fixed asset investment and high-speed economic growth. Through an analysis of the coupling conditions and formation process of land finance and land financing, it can be found that land finance and land financing can alleviate local government financial pressure and promote local economic growth and social development, while at the same time they have also accumulated a lot of risks, such as the unilateral land urbanization, the unsustainability of the economic growth impetus, having weakened the central government’s ability to conduct macroeconomic regulation and control, and so on. Therefore, they should be watched attentively and controlled with further measures.

Key words: land finance; land financing; coupling risk; local government financial pressure