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) on Friday.

Altogether 45 enterprise bonds worth more than 130 billion yuan (US$19 billion) 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.

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.

(Xinhua News Agency March 6, 2009)