BEIJING - Chinese regulators have approved several infrastructure projects funded by public-private partnerships (PPP) to raise funds through securitization, a move that aims to attract private investment to such projects.

The country's stock exchanges have reviewed applications from the first group of nine PPP-funded infrastructure projects that intend to issue securities, and have given the green light to some of them, according to a recent statement from the China Securities Regulatory Commission (CSRC).

The approved projects include a tunnel construction project that will raise 1.2 billion yuan ($174 million) and a heating project to raise 700 million yuan, said the Shanghai Stock Exchange in a statement.

The Chinese government has encouraged the adoption of PPP, a collaborative investment model between government and private companies, in infrastructure projects amid concerns over heavy local government debt.

Authorities began to allow asset-backed securitization for PPP-funded infrastructure projects in December 2016, exploring a new way of tapping private funds for those projects.

The securitization of PPP-funded projects can help expand funding channels, lower financing costs and better attract private capital, the CSRC said.

By the end of 2016, a total of 11,260 PPP-funded projects were registered, 1,351 projects of which were signed with a combined investment of 2.2 trillion yuan, according to the China Public Private Partnerships Center under the Ministry of Finance.