BEIJING -- Chinese authorities will strengthen financial service guidance, market regulation and cross-department coordination to enable the bond market to better serve the reform and development of private enterprises, a circular has said.

Efforts will be made to improve the financing environment for private enterprises by improving financing services and promoting product innovation, among others, according to the circular jointly released by the China Securities Regulatory Commission, the National Development and Reform Commission, and the All-China Federation of Industry and Commerce.

Authorities will standardize the operation of private enterprises and maintain a sound market ecosystem, the circular said, adding that a cross-department liaison and coordination mechanism will be established to discuss and resolve major issues.