Commission curbs local govt debt

China's top planning agency has issued stricter rules for approval of bond sales by local government financing vehicles, people familiar with the matter said.

The National Development and Reform Commission, which oversees note sales by unlisted companies, won't accept applications for issuance from units in regions whose outstanding LGFV debt exceeds 8 percent of annual economic output, the people said.

They asked not to be identified because the new regulations have not been made public.