How Much Debt Do Local Governments Have?

Shi Hongxiu, a professor in the economic department at the National School of Administration, contributed to the China Economic Times by analyzing the problem of local government debt. In the article, Shi quoted media reports describing the scale of local government debts. One report released by the China Banking Regulatory Commission on May 2009 stated local government debts have reached 7.38 trillion yuan; the other report, based on rough calculation, stated that local government debt in 2009 was close to 11 trillion yuan which is three times the total revenue of local governments.

Source
China Economic Times
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