But report urges more reform of financing system

China's government debt situation is unlikely to become critical in the short term, a top think tank said, as it urged quicker reform of the public finance system to strengthen the fiscal position of local governments.

The Development Research Center of the State Council, a think tank under the cabinet, said the net value of China's government liabilities as of the end of 2010 stood at 11.3 trillion yuan ($1.85 trillion).