Shang Fulin, chairman of the China Securities Regulatory Commission (CSRC), has said the corporate bond market's development would be the commission's priority in 2007.

"I hope we can initiate a mechanism to develop the bond market as soon as possible," Shang said at the commission's national year-end conference.

China will expedite the growth of its bond market by expanding the size of corporate bonds, Premier Wen Jiabao said at the Third National Financial Work Conference.

Corporate bond issuance at present is approved by the National Development and Reform Commission, which sets the quotas each year. And the central bank sets the limits on the coupons of the debt. Also, the bond has to get the approval for listing from CSRC and the bourse. This cumbersome approval process usually takes a year to 18 months to complete.