China has increased the transparency of its massive local government debt by allowing local governments to release independent reports on their liabilities, a move that analysts said showed China's increasing seriousness in dealing with the issue.

As of January 23, several provincial-level governments had released audit reports, including Beijing; Guangdong, Jilin and Zhejiang provinces; and Guangxi and Ningxia autonomous regions.

The move follows a report on China's debt situation, which was released on December 30, 2013, by the National Audit Office.

"According to the provincial data that have been released so far, the risk from local government debt is still generally under control. These disclosures offer much more clarity for investors who want to invest in specific regions," said Li Yan, a senior analyst at China Chengxin International Credit Rating Co. Ltd.

For example, in the economic powerhouse of Guangdong, direct government debt (to be repaid by government fiscal revenue) had accounted for 54.4 percent of the province's fiscal revenue as of the end of 2012. In Zhejiang, the ratio was 63.5 percent.