China's regulators are encouraging bond issuance in a drive to support the Belt and Road Initiative, according to a 21st Century Business Herald report on Friday.

The bonds issued in Fujian province and Xinjiang Uygur autonomous region totaled 235 billion yuan ($34 billion) by the end of last month.

Of which, 143.4 billion yuan was raised to support key areas mentioned in the Belt and Road Initiative's directive document, titled Vision and Action.

The total debt instruments issued domestically, and overseas,to bankroll Belt and Road constructions exceeded 170 billion yuan by the end of April, according to the newspaper.

On Tuesday, the Shanghai Stock Exchange announced it wouldsupport the United Company Rusal (UC Rusal) on follow-up issuance, listing and transfer processes of its yuan-denominated panda bonds.

The Russian aluminum producer, which registered to raise 10 billion yuan in Chinese market in February, 2017,has been the first foreign company, along the Belt and Road, to issue panda bonds.

The domestic corporate bond issued by the Zhejiang Hengyi Group in April, 2017, with the China Development Bank Securities as its underwriter, was the first of its kind to tap into the onshore renminbi market to finance construction projects of the Initiative, according to the newspaper.

Belt and Road themed bonds entered the market as early as 2015, when overseas subsidiaries of the China Merchants Group, the China Merchants Port Holdings Co Ltd and Global Logistic Properties issued panda bonds in the country to finance constructions along the routes.