PBOC to support corporate bond issues

The People's Bank of China will support more corporate bond issues to diversify risk and ease pressure on commercial banks, vice-governor Wu Xiaoling said.

A statement on the central bank's website quotes Wu as saying at a forum that financing options open to businesses were too limited and added to economic costs.

Direct financing, raising funds directly from the stock or bond market, has developed slowly in China. China's companies still rely heavily on bank loans, Wu said.

Bank loans accounte