Local debt probe 'to release findings'

The results of an investigation into local government debt are expected to be released in November, according to a source close to the matter.

The investigation led by the National Audit Office, which began in August, has entered the final stage, and results will be reported to the State Council around Oct 20 after the audit data is processed and sorted, National Business Daily reported, citing an unnamed source.

The final results may be made public in November, according to Economy & Nation Weekly run by the Xinhua News Agency.

The investigation is the third since 2010, and is expected to reveal the extent of the debt, which is thought to be a major threat to the world’s second-largest economy.

Analysts estimate the total debt for local governments would be between 15 and 20 trillion yuan ($2.46 trillion to $3.28 trillion), compared to 10.7 trillion yuan at the end of 2010.