China's National People's Congress (NPC) Standing Committee bi-monthly session has imposed a limit on local debt

  • ceiling of 16 trillion yuan ($2.5 trillion) in local debt for this year

The 16-trillion-yuan debt consists of two parts:

  • 15.4 trillion yuan in local government debt outstanding as of the end of last year
  • 600 billion yuan deemed the maximum size of debt local governments are allowed to run up in 2015

Xinhua with the report on Saturday