The Chinese government has started a pilot program in foreign debt issuance. Twenty-one companies are on the list, including major commercial lenders.

The National Development and Reform Commission says the parent companies will be allowed to pick the time for direct foreign debt issuance and don't need to apply for approval. The top planner also is encouraging companies to use the funds to finance real economic growth and structural reforms. 

Similar programs are also underway in China's four foreign trade zones. Companies registered in the zones are allowed to issue foreign debt and are encouraged to use the funds for domestic expansion.