China to support bond issuance for private firms

BEIJING - China will step up efforts to facilitate bond issuance for private companies, the country's top economic planner said Thursday.

To ease private firms' financing difficulties, the country will make it easier for them to raise funds via bond issuance, especially the enterprises with good credit and stable performance, and those who support industrial upgrading and regional development, Meng Wei, spokesperson of the National Development and Reform Commission, told a press conference.

Meng said the country will also encourage eligible firms to issue bonds for the establishment or capital boost of venture capital funds to support start-ups.

The country vowed to provide necessary financial support for private companies that defaulted on corporate bonds because of tight cash flows but were still industry leaders, large employers or in emerging industries, according to Meng.