NDRC plans steps to bolster bond market

The National Development and Reform Commission, the nation's top economic planner, said on Wednesday that it will come out with more initiatives to develop the debt market, particularly to boost funding for infrastructure projects and stabilize the overall economy.

The NDRC will soon permit two policy banks to fund big ticket infrastructure projects through bond issues, but it was yet to finalize the details, said sources close to the issue.

The bonds will be issued by the China Development Bank Corp and the Agricultural Development Bank of China and the debt will be purchased by the Postal Savings Bank of China. The central government is likely to subsidize 90 percent of the interest on the securities, they said.