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The figures bring China's total public debt, including money owed by central government, to 58pc of its $8.5 trillion economy. This is a lower debt-to-GDP ratio than many developed economics, including the UK, but investors are concerned a substantial part of it cannot be repaid since most of the money borrowed had paid for non-lucrative public infrastructure.

The rate of debt accumulation, reminiscent of the surge that preceded Japan's economic collapse in the 1990s, has also sparked concern. “It is a very sizable build-up and it’s the kind of build-up that is not sustainable,” said Louis Kuijs, chief China economist at Royal Bank of Scotland Group Plc in Hong Kong.

However the state auditor declared that debt levels were "under control", despite warning of "potential risks in some places".

Separately, Chinese premier Li Keqiang has pledged 'appropriate liquidity' in 2014 in a move to allay fears the country's financial system will face a cash shortage next year.