Closer Look: Rise in Total Gov't Debt – to 30.3 Tln Yuan – Means Change Is Needed

(Beijing) – Three months after an official audit of government debt was completed, the results have finally been announced. As of June 30, the total debt held by the central and local levels of government has reached 30.3 trillion yuan. Of that, local governments were 17.9 trillion yuan in the red.

This is the third time the National Audit Office has surveyed government liabilities. The survey was the work of some 544,000 auditors across the country. It was performed in August and September, and a report was given to the State Council, the country's cabinet, in mid-October. Suspicion had mounted about how horrible the figures were considering it took so long for the government to publish them.