1, approval procedure. The application for issuing collective bonds adopts the examination and approval system, and the People's Republic of China (PRC) Municipal Development and Reform Commission is responsible for supervision and examination and approval; The application for the issuance of collective bills adopts the approval system and is examined and approved by the China Association of Interbank Market Dealers.
2. Regulatory authorities. The approval of collective bonds usually needs to be submitted by provincial local governments (local development and reform commissions) to the central government (national development and reform commission), while collective bills only need to be approved by China Association of Interbank Market Dealers.