BEIJING -The investment arms of Chinese local governments are being told to report how they will limit financial risks as a cleanup of the system begins, a newspaper said on Monday, amid concern banks might be hurt if they cannot repay multibillion-dollar debts.

Chinese leaders have expressed concern about the health of "financing platforms" that invest in infrastructure and real estate and borrowed heavily under Beijing's stimulus.

The central bank and three other agencies are ordering local authorities to "strengthen management work" and report how they will limit losses by the end of the year, the Shanghai Securities News said, without citing sources. It gave no details.