BEIJING, Dec. 22 -- Risk of local government debt is controllable, with the ratio of local government debt estimated at 86 percent this year, according to a report presented to China's top legislature Tuesday.

The report, delivered by the Budgetary Affairs Commission of the National People's Congress (NPC) Standing Committee, said the reading is below an alert level of 100 percent, citing financial authorities.

Local government debt is expected to be held at 16 trillion yuan (2.47 trillion U.S. dollars) by the end of the year, in accordance with a debt ceiling imposed by the top legislature in August, according to the report.

The ceiling consists of two parts, 15.4 trillion yuan of debt owned by local governments by the end of 2014 and 600 billion as the maximum size of debt local governments are allowed to run up in 2015.