BEIJING -- The China Development Bank, one of the country's policy banks, said on Tuesday that it will issue dollar-denominated bonds in the offshore market in the near term to support the building and business development of the Shanghai Free Trade Zone.

The funds raised by the bonds will mainly be used to serve the FTZ to further align with high-level international standards of economic and trade rules, and accelerate its integration into the globalization process and international financial market.

According to the bank, it has raised funds equivalent to more than $1.2 billion to serve the business development of the FTZ since 2018.