BEIJING — The People's Bank of China has decided to test removing the credit rating requirements for the issuance of non-financial corporate debt instruments.

The move was made to further motivate market entities to use external ratings and drive the market-oriented reform of the credit rating sector.

During the test period, the issuance of non-financial corporate debt instruments will no longer be subject to Article 9 of the Administrative Measures for Debt Financing Instruments of Non-Financial Enterprises in the Interbank Bond Market, the bank said.

However, the issuance of other corporate debt instruments will continue to be subject to administrative measures, it said.