Chart of the day: Debt break down

Apparently, there is a big question about the solution to the 12.7 trillion yuan (HK$15.98 trillion) debt already owed by the mainland's cities, counties and villages, since only provincial governments are to be given formal access to the debt market. Actually, not even all the provincial off-budget debt will be covered. A first test may be around the corner as the housing downturn is expected to severely impact land sales revenue.