By Kevin Yao

China will allow small firms to issue more bonds as part of plans to step up financial support for them in a slowing economy, the country's top economic planning agency said on Thursday.

Under rules issued by the National Development and Reform Commission published on its website (www.ndrc.gov.cn), qualified state firms and local government financing vehicles will also be allowed to issue bonds and re-lend the proceeds to small firms.

On Wednesday, the cabinet said China will scrap taxes for small firms, offer more help for ailing exporters and widen funding channels to speed railway investment.

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