BEIJING (AP) - Chinese President Xi Jinping has ordered authorities to find ways to reduce financial risks amid concern about rising debt loads for companies and local governments.

BEIJING (AP) Chinese President Xi Jinping has ordered authorities to find ways to reduce financial risks amid concern about rising debt loads for companies and local governments.

Xi's order came in a speech Tuesday at a Cabinet meeting about economic plans for the second half of the year. It was reported by the official Xinhua News Agency.

Xi said Beijing needs to "strengthen financial supervision and prevention and mitigation of risk."

This week, the government announced a nationwide audit of debts owed by Chinese local governments, which have borrowed heavily to finance construction and public services.

Financial analysts also worry such debts, along with rising corporate borrowing and a large, unregulated underground lending market, might be increasing risks for the country's banks.