Different from the “old village debt”,“new village debt” is a village debt under the background that national public finance uses project scheme as the main form to rural areas after the abolition of agricultural tax.Project scheme is the basis of the new village debt.New village debt is a universal,unpredictable,private and hidden debt.Village development orientation and village cadres operating project are the internal causes of village debt,while the project funding system and the township government’s selfinterest logic are the external causes of village debt.The impact of new village debt on rural society is comprehensive,which results in solidification of village power,loss of village subjectivity,distortions of rural relations and intensification of village division and some other serious consequences.Continued expansion of new village debt is easy to cause new debt crisis,which should be highly alert.