Peoples Republic of China – Staff report for the 2011 article IV consultation, published by IMF. “The National Audit Office published data showing at 2010 local government debts were RMB 10.7 trillion (or 27 percent of 2010 GDP) Around one-half of these debts were incurred by local government financing vehicles (LGFVs) and used to finance activities in the construction and transportation sectors and acquire land.”
