China's Local Debts Reach 18 Trillion Yuan

That's about $3 trillion.

"China's mountain of local government debt is among the biggest threats to its economy as investors worry a good part of it cannot be repaid since most of the money borrowed had paid for non-lucrative public infrastructure."
--http://www.reuters.com/article/2013/12/30/us-china-economy-debt-idUSBRE9BT09M20131230