Corporate debt market on growth trend, report says

China's bond market is projected to more than double within five years and account for 70 percent of the Asian bond market, a Boston Consulting Group report said.

The report predicts that by 2018, Asia's bond market will grow to 2.32 times its current size, or $16 trillion, and that China's onshore market will exceed Japan's to become the largest in the region.

According to Shanghai Clearing House, the amount of total bonds outstanding by the end of 2013 was 14.1 percent higher than that of the previous year, reaching 29.9 trillion yuan ($4.82 trillion).