BEIJING, March 5 -- China will build a standard financing mechanism for local governments to issue bonds, its latest step to address local government debt problems, according to a government work report delivered by Premier Li Keqiang on Wednesday.

"We will establish a standard financing mechanism for local governments to issue bonds and place local government debt under budgetary management," Li said, when delivering the report at the opening of the annual session of the National People's Congress, the country's top legislature.

To guard against and defuse debt risks, China will also implement a comprehensive government financial reporting system, Li said.