A joint venture company will be created in China with a registered capital of $1 billion to provide various guarantee services, China Securities Journal reported.

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The National Development and Reform Commission (NDRC) said the new company is expected to become the largest such joint venture guarantee company in the country.

The name of the new company to be formed was not listed, and neither were the names of participating foreign financial entities. The NDRC stated that the new company will offer financing guarantees, performance guarantees, bond guarantees and other services.