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Chinese surveillance camera
The Chinese national flag flies behind security cameras on Tiananmen Square on June 4, 2012 on the 23rd anniversary of China's crackdown of democracy protests in Beijing.

ED JONES/AFP via Getty Images

  • China has faced many economic problems this year, from deflation and record youth unemployment to a property crisis.
  • But now, an even more worrisome threat is emerging: the colossal hidden debt of China's local governments.
  • Some estimates put the liabilities of China's local financing vehicles close to $10 trillion.

For some time now, markets have been buffeted almost on a daily basis by gloomy economic news filtering out of China.

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Markets, mi-exclusive, Markets, China, Debt, real-estate, Crisis, debt-crisis, china-debt, china-markets-and-economy, china-property-market, china-economy, global-economy, asian-markets, economic-risks, china-economic-growth, debt-markets, bond-market
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China's $10 trillion hidden debt mountain could be the 'ticking time bomb' that…