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[HONG KONG] China's National Development and Reform Commission (NDRC) said it will loosen control over corporate bond issuance in the part of the debt market it regulates.
In a statement posted on its website on Wednesday, the NDRC said it will streamline onshore bond issuance procedures, remove limits on issuances by corporates rated AA and above, and encourage insurers to develop bond default insurance and default swaps.
It also said that the proceeds from bond issuances cannot be reinvested in stocks.
China's bond market is fragmented and bond issuers are governed by three different regulators depending on their ownership structure and on where the bonds are traded.