The China National Development and Reform Commission (NDRC) has suspended the acceptance of corporate applications for the issuance of new bonds. The official reason for the suspension is that the authorities are developing new rules but there is no set date to resume accepting applications.
The suspension is closely related to the anti-corruption campaign in the bond market which started early last year. Analysts believe that the NDRC approval system for the issuance of corporate bonds has been a major cause of corruption in the bond market. It is expected that the NDRC will make comprehensive changes in the rules.
Source: Caixin.com, October 14, 2014