Guangdong has announced its debt for 2014 grew to approximately RMB1 trillion, close to 15% of its GDP last year and a 16% rise on last year, South China Morning Post reported. These admissions come in the wake of the central government tackling the 17.9 trillion yuan debt nationwide, despite the mounting pressure to meet increasing spending demands as the economy slows. Guangdong may receive a RMB50-60 billion RMB quota to convert debt into the government low yield bonds announced earlier this month, in an attempt to reduce interest payments.