China will expand the issuance of enterprise bonds to fund its massive stimulus projects, said Zhang Ping, minister of the National Development and Reform Commission (NDRC) in Beijing Friday.

Altogether 45 enterprise bonds worth more than 130 billion yuan (19 billion U.S. dollars) have been issued since the fourth quarter of last year, Zhang told a press conference during the parliament's annual session.

In addition, more than 50 enterprises have applied for bond issuance worth nearly 100 billion yuan and are waiting for approval, said Zhang.

Enterprise bonds in China often refer to bonds issued by state-owned enterprises and must be approved by the NDRC, China's top economic planner. They are in comparison to corporate bonds issued by listed companies, which are under the charge of the China Securities Regulatory Commission.


Zhang Ping, minister in charge of the National Development and Reform Commission of China, attends a press conference on dealing with the global financial crisis and maintaining steady and relatively rapid economic growth held by the Second Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 6, 2009. Chinese Finance Minister Xie Xuren and Zhou Xiaochuan, governor of the People's Bank of China, also attended the press conference. (Xinhua/Zhang Lei)
The country will also grant policy-related bank loans with a relatively long maturity and low interest rates to fund certain stimulus projects, said Zhang.

Source:Xinhua