(Bloomberg) -- China has introduced a program to help private companies raise funds via corporate bond sales, as it seeks to boost confidence in the sector to support the economy.

Four private companies issued bonds on Tuesday through the covered bond program, an interbank lending watchdog said, including Sichuan Kelun Pharmaceutical Co., Jointown Pharmaceutical Group Co., Shanghai Yuyuan Tourist Mart Group Co. and Qitan Technology Co. The covered bond program allows private firms to use different kinds of “soft” collateral, including intellectual property rights, equity and accounts receivable, in addition to real estates or land-use rights. 

The program will include more private enterprises in the future, the National Association of Financial Market Institutional Investors, or NAFMII, said. Companies including Tasly Pharmaceutical Group Co. and Hongdou Group Co. are also working on such issuance.

China recently has been making efforts to boost confidence among private entrepreneurs. Earlier this year, the government began drafting a law focused on the private sector that aims to protect property rights and the interests of entrepreneurs, state media reported. 

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