The State Council cleared 26 firms, including China National Petroleum Corp (CNPC) and Datang Power Corp, to issue RMB50nn in bonds. Reuters said analysts said the move was in part an attempt to compensate cash-strapped operations for China's dismal stock markets. Among the big potential issuers is the Railways Ministry, which is desperate to upgrade track and rolling stock. It was cleared to raise RMB5bn; CNOOC got the green light to raise RMB2bn.
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