The China Securities Regulatory Commission (CSRC) announced Sunday it approved the registration of 34 corporate bond projects.

The corporate bond projects, the first of its kind, were handed over by the National Development and Reform Commission, mulling to raise funds totaling 54.2 billion yuan (about 7.88 billion U.S. dollars).

The funds would be used to support transportation, industrial parks, urbanization, building settlement houses, industrial integration development in rural areas, 5G smart cities, and comprehensive improvement of the ecological environment, said the CSRC.