The issuance of Belt and Road bonds grew in the Chinese market after the country launched a pilot scheme to support the initiative.

Eleven companies have issued a combined 23.5 billion yuan (3.5 billion U.S. dollars) in such bonds since the new financing channel was introduced last year, according to data from the China Securities Regulatory Commission.

China allowed domestic and overseas companies as well as government-backed institutions in countries along the Belt and Road to issue such bonds via the Shanghai and Shenzhen stock exchanges early last year.

Proposed by China in 2013, the Belt and Road Initiative aims to build trade and infrastructure networks connecting Asia with Europe and Africa, based on ancient land and maritime trade routes.