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In move to help Guangzhou's small and medium sized enterprises (SMEs) raise funds needed for future expansion, the city government is planning to select 10 qualified companies to float collective bonds worth more than 1 billion yuan.

Li Weijun, deputy director of the Financing Guarantee Center of Guangzhou, said his center and the city's administration are reviewing companies that will be chosen to issue bonds, but declined to reveal further details.

The capital of Guangdong province is also accelerating implementation of a credit guarantee system to help SMEs overcome difficulties in raising funds.