More than 70 percent of China's local government debts are in the form of investment which have good prospect of yielding returns, Chinese Premier Li Keqiang said on Sunday.

Li made the remarks at a press conference after the conclusion of the annual session of the National People's Congress, China's top legislature, in response to a question on financial risks in the world's second largest economy.

Reassuring the market, the premier said China is capable of preventing systemic or regional financial crises while allowing market-ruled liquidation in individual and isolated cases.

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