Source:
https://scmp.com/article/989240/beijing-moves-clean-problems-local-debt

Beijing moves to clean up problems with local debt

The central government said yesterday it had cleaned up nearly half the 530 billion yuan (HK$649 billion) worth of local government debt from 2010 found to have irregularities during an investigation.

Economists, however, said the effort to correct financing problems affecting 259 billion yuan - or 40 per cent - of these loans would do little to address the mainland's underlying debt problem.