More now on local government debt in China. Data from China's rating agencies shows that 11-hundred bonds were issued by local governments last year, with a total value of 4.4 trillion yuan. Two-point-eight trillion of that came from debt-bond-swap programs while the remainder was new debt. Analysts say local governments' appetite for financing remains strong and the overall debt level is manageable. But they also point out concerns over fast-growing shadow-bank financing. The analysts suggest that the central government push for more bond market reforms in such areas as information disclosure, credit-rating systems and public supervision.