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The nation's auditing agency issued a report last June, stating that local government debt totaled about 10.7 trillion yuan (about 1.70 trillion U.S. dollars) as of the end of 2010, of which 17.17 percent will be due in 2012.

Meanwhile, the central bank will step up reform of the RMB exchange mechanism and make the yuan convertible under the capital account at a steady pace.

However, the massive funds have seen their value eroded significantly by inflation over the last decade.

The president said his country attached great importance to Kenya-China relation with himself an advocate of the "Look East Policy". He said Kenya is willing to work with China to continuously promote the bilateral relations to a higher level.

The injured were rushed to hospital for treatment, and it was unknown yet whether their injuries were life-threatening or not, he said.