Seven State-owned firms approved to issue bonds

BEIJING — China’s top economic planner has approved seven State-owned enterprises to issue bonds, with a total value of 52.1 billion yuan (about $7.58 billion).

Zhongyuan Yuzi Investment Holding Group is allowed to issue 15 billion yuan of bonds, while Shaanxi Xixian New Area Development Group Co Ltd will float 12 billion yuan of bonds, according to statements from the National Development and Reform Commission (NDRC).

Other companies include Chengdu Xingcheng Investment Group Co Ltd and State Development & Investment Group Co Ltd.

Bond issuance by State firms is usually used to finance infrastructure construction and government projects.

Last month, the NDRC approved more than 30 companies to raise over 140 billion yuan through bond sales.