China imposes limit on local government debt: report

China has imposed a limit on local debt, state media reported Saturday, as the world's second-largest economy tries to control massive borrowing by its regions. The standing committee of China's National People's Congress (NPC) approved the ceiling of 16 trillion yuan ($2.5 trillion) in local debt for this year, the official Xinhua news agency reported. The NPC is China's Communist Party-controlled legislature.