In your interest.
Online Personal Finance Magazine
No beating about the bush.
According to regulatory filings, bond-rating reports and press releases of government-bank cooperative agreements, local investment entities' borrowing in China between 2004 and the end of 2009 totals some $1.6 trillion. Ergo, the size of local debt is roughly one-third of China's 2009 GDP and 70% of its foreign-exchange reserves.