Public finance is the foundation and pillar of state goveance,and the core of state goveanceis public risk management.On one hand,public finance provides public services using public revenue and manages public risk directly.On the other hand,public fiscal risk can serve as a policy instrument for public risk management.Public risk,public services,public revenue,and fiscal risk mutually reinforce and set each other off.Therefore,striking a balance between fiscal risk and public risk is of great importance.To minimize public risk under the constraint of fiscal risk is the fundamental basis of the assessment of public services.Even though the constraint of fiscal risk may vary with the requirement of minimizing public risk,there is a limit.Thus,improving the efficiency of the provision of public services,or in other words,raising the effectiveness of public risk management,may relieve the pressure of fiscal risk and obtain a more appropriate balance between public risk and fiscal risk.