China corporate bond market opens up - slowly.

The Chinese bond market, long a dormant beast, has been showing signs of life in the past 12 months.

With about Rmb80 billion $9.75 billion issued over the course of its history, both the listed and unlisted Chinese corporate bond market has come to encompasses a wide range of China blue chips and infrastructure projects, such as the Three Gorges, Guangdong Nuclear Power, Baosteel, CITIC, Sinopec, the Ministry of Railways and China Mobile.

In 2002, a massive Rmb37 billion was raised and with demand from insurance companies, pension funds and mutual funds running strong, market participants believe that 2003 could easily surpass this Sars notwithstanding.

Figures show that five companies were approved for issuance late last year and three of these have now raised Rmb 6.5 billion $783...

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