"A report by Nomura said Thursday that Chinese municipal debt, a focal point of major concern about the country’s economy, had grown at an alarming 39 percent clip in recent years. The report by Nomura estimated that the financing vehicles used by local governments to raise cash had created debts totaling at least 19 trillion renminbi, or $3.1 trillion, by the end of last year and posed a major risk to the economy." (Quoted from article)