Introducation:China'sbooming economy has been showing signs of slowing down in recentmonths. Some economists say this is linked in part torising levels of localgovernment debt, which is the result of aggressive spending for projectslike new airports, business districts or high-speed railways. Theseventures have helped Chinamodernize and prepare for future growth, but are financed through borrowingand complex accounting techniques that hide the true size of the debt.Is China's spending on huge publicworks a worthwhile investment, or does the accumulating debt pose a threat tothe Chinese economy?