EXPLAINED: How much hidden debt do local governments in China carry?

China’s Ministry of Finance has announced 10 trillion yuan (US$1.38 trillion) of new measures to alleviate debt burdens on local governments at the end of a weeklong meeting earlier this month by the National People’s Congress Standing Committee. The ministry announced that the central government will increase the local government debt limit by 6 trillion yuan (US$830 billion) over three years,