Listed Chinese firms have received approval to issue corporate bonds on a trial basis, Reuters reported. The long-awaited move by the China Securities Regulatory Commission allows companies listed in Shanghai, Shenzhen or overseas to apply to sell bonds with maturity of more than one year. The bank guarantees that were mandatory for corporate bond issues in China when the system was run by the National Development and Reform Commission are no longer required. The proceeds can now be used for any general corporate purpose approved by a company's board rather than only for designated fixed-asset projects. In March, 95 firms received approval to issue US$13 billion in bonds in 2007, up from US$8 billion in 2006. China's bond market currently accounts for less than 5% of corporate fund raising.