Chinese banks, brokerages and private equity firms are among companies kicking off plans on Thursday to sell so-called sci-tech innovation bonds. Beijing published detailed rules on Wednesday for a “technology board” in the bond market to fund innovation amid intensifying Sino-US rivalry.
Tech companies can already issue such bonds, but financial companies have become eligible under the new mechanism. China’s central bank will provide low-cost funding to support bond sales, while local governments will help share losses in the event of defaults.
It…