China says local government debt reached $3.74 trillion as of June

BEIJING (REUTERS) - China's local governments had total outstanding debt of 17.9 trillion yuan (S$3.74 trillion) as of the end of June, the state auditor said on Monday, up 67 percent from 2010.

The National Audit Office said total debt directly shouldered by China's central and local governments stood at 20.7 trillion yuan as of the end of June, amounting to 37 percent of the country's gross domestic product.

As well as money borrowed directly by local governments through various firms, the 17.9 trillion yuan figure also included contingent liabilities and debt guarantees that accrue to governments.