China's National Academy of Economic Strategy, or CASS, released the latest government balance sheet earlier this week.

According to the data, by the end of 2013 China's government liabilities were more than 56 trillion yuan, increasing nearly 20 percent from a year ago.

Meanwhile, the assets were about 112 trillion yuan, up about 10 percent year-on-year.

CASS researchers say that the increase of local government debts was a major driver for the faster growth of liabilities. But they also said that the total assets nearly doubled the liability value, meaning China has the ability to handle its liabilities well.