A leading credit rating agency says the risks from China's debt pile are mounting as the country grapples with an economic slowdown and property crisis.
Moody's issued the warning as it cut its outlook on the government's debt to negative from stable.
The firm is the latest to raise concern about problems facing the world's second-largest economy.
China has signalled plans to ramp up stimulus spending, as it battles soaring youth unemployment, weaker global demand hitting its manufacturing industry, and deepening woes in the property sector.
Some of the country's largest construction companies are facing insolvency and have stopped building.
Local governments, which have borrowed billions to build infrastructure and relied on land sales to bring in revenue, are also under strain.
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