Local debts surge to nearly $3t

Figure implies 67 percent rise from previous audit results at the end of 2010

China's local government debt and contingent liabilities ballooned to 17.89 trillion yuan ($2.93 trillion) as of the end of June, according to the long-awaited results of an audit.

The figure, released by the National Audit Office on its website on Monday, implied a 67 percent rise from a previous estimate of 10.7 trillion yuan at the end of 2010.