A child is carried in a basket on the back of a woman as they board a train at a railway station in Nanjing, Jiangsu province January 22, 2014. (REUTERS/Stringer)
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China's local governments have published separate audit reports detailing their combined public debt of $3 trillion for the first time ever, to increase transparency and quell investor concerns.The report showed debt surging 67 percent in two years, far more than officials had publicly admitted.The audit reports showed a handful of governments were struggling to repay some loans.The governments in Gansu, Shandong, Shanxi and Jiangxi also reported that unpaid loans accounted for between 8 and 10 percent of total debt.
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