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China's securities watchdog took another step on Monday towards developing the country's corporate bond market, issuing a draft of detailed regulations governing the operations of ratings agencies.

The rules by the China Securities Regulatory Commission (CSRC), published weeks after the agency announced that it would be taking on a new role in approving corporate bond issuance, represent a further consolidation of its position in overseeing the fledgling corporate debt market.

The rules, published on the CSRC's Web site to solicit opinions on them, stipulate that ratings agencies that obtain licenses from it may rate bonds, asset-backed securities and fixed-income securities approved by it, as well as debt products listed on China's stock exchanges.

A ratings agency must have at least 20 million yuan ($2.6 million) in registered capital and employ a minimum of 20 qualified securities professionals, among other requirements.

The CSRC earlier this month issued draft rules giving it the authority to approve the issuance of bonds with durations above one year by Chinese companies, including those listed both overseas and domestically.

Until now, the National Development Reform and Commission, the economic planning agency, has regulated China's long-term corporate debt market, which has faced severe restrictions and has largely been confined to big state firms. 

Analysts and industry officials, including those from the central bank, have long argued that China needs a mature corporate bond market to supplement the newly reviving stock market and to help firms cut their reliance on bank loans.

The People's Bank of China, the central bank, currently supervises a short-term corporate debt market in the interbank market, in which commercial paper with maturities of less than one year is traded.

The main corporate ratings agencies in China include China Chengxin Credit Management Co Ltd, Dagong Global Credit Rating Co Ltd, China Lianhe Credit Rating Co Ltd, Shanghai Brilliance Credit Rating and Investors Service Co Ltd, and Xinhua Far East China Ratings. ($1=7.6194 yuan)