China local government debt surges by 70%

China has local government debts of 17.7 trillion yuan ($2.9tn), up 70% from three years ago, according to an official report. China's government asked the National Audit Office (NAO) in July to do a round-up of the debts outstanding at a local level. via Pocket http://www.bbc.co.uk/news/business-25553058#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa