And the National Audit Office estimates that 23% of local government debt, which it put at 10.7 trillion yuan in June, depends on land sales for repayment.
The National Audit Office (NAO) estimated that the ratio of local government debt to aggregate income was 84 percent, a level that appears to be manageable, Barclays analysts say.
The deficit is not even forecast to get below 5% of GDP until 2016-17 - which is one reason why at least one ratings agency has decided that Britain's sovereign debt is no longer triple A. The deficit was 11% of national income when he took office, more than double what it was in 1979.