When dealing in debt, normal rules don't apply

Years after college, I still remember a sentence that vividly captures the relentless skepticism a journalist is supposed to embrace: "If your mom says she loves you, check it."

It often pops into my head when I cover China's local government debt.

The country's regional governments reported total direct debt of 16 trillion yuan ($2.58 trillion) at the end of last year, a 47 percent surge over 18 months, while direct and indirect debt exceeded 25 trillion yuan, larger than Germany's GDP.