Program focuses on coastal areas with high degree of market outlook

Six cities or provinces will be allowed to sell bonds directly this year under an expanded pilot program to establish a regulated financing mechanism for local governments, the Ministry of Finance said in a statement on Thursday.

Jiangsu and Shandong provinces were added to the list, joining Shanghai, Zhejiang, Guangdong and Shenzhen, which were approved by the State Council in November 2011 as the first local governments eligible to issue bonds directly.