  A quantum-field theoretical interpretation is given to the holographic RG
equation by relating it to a field-theoretical local RG equation which
determines how Weyl invariance is broken in a quantized field theory. Using
this approach we determine the relation between the holographic C theorem and
the C theorem in two-dimensional quantum field theory which relies on the
Zamolodchikov metric. Similarly we discuss how in four dimensions the
holographic C function is related to a conjectured field-theoretical C
function. The scheme dependence of the holographic RG due to the possible
presence of finite local counterterms is discussed in detail, as well as its
implications for the holographic C function. We also discuss issues special to
the situation when mass deformations are present. Furthermore we suggest that
the holographic RG equation may also be obtained from a bulk diffeomorphism
which reduces to a Weyl transformation on the boundary.
