Briefly describe the conditions and procedures for issuing corporate bonds in China.

The issuance of corporate bonds within the territory of China meets the following conditions:

1. The net assets of a joint stock limited company shall not be less than 30 million yuan, and the net assets of a limited liability company shall not be less than 60 million yuan;

2. The accumulated balance of corporate bonds after this issuance shall not exceed 40% of the net assets at the end of the latest period; The accumulated corporate bond balance of the finance company shall be calculated according to the relevant regulations of the finance company;

3. The company's production and operation comply with the provisions of laws, administrative regulations and the company's articles of association, and the investment of raised funds conforms to the national industrial policy;

4. The average annual distributable profit realized in the last three fiscal years is not less than the interest of corporate bonds for one year;

5. The bond interest rate does not exceed the interest rate level stipulated by the State Council;

6. The company's internal control system is sound, and there are no major defects in the integrity, rationality and effectiveness of the internal control system;

7. The bond has a good credit rating after being rated by a credit rating agency.