China's central government is expected to unveil the results of a nationwide audit of local government debt in the next few days with the debt risks expected to still be controllable, China Securities Journal reported Wednesday.

Unnamed sources were quoted by the report as saying that current local government debt is unlikely to surpass 20 trillion yuan ($3.29 trillion).

A report released by the Chinese Academy of Social Sciences showed on Monday that the amount rose to 19.94 trillion yuan by the end of 2012.

The National Audit Office launched an audit on local government debt in late July following growing market concerns that the scale of the debts created by local governments may undermine the country's financial stability.