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The Chinese Ministry of Finance in collaboration with the People's Bank of China is set to issue the country's first electronic saving bond, the two organizations said in a joint statement on Tuesday.

The electronic saving bond will be sold through the networks of the Industrial and Commercial Bank of China and six other banks. Only individual investors can buy the bond, the statement said.

The saving bond carries an interest rate lower than that of time deposits of the same period. But since the interest is tax-free, the return is higher, the statement said.

An electronic saving bond is a long-term investment tool issued by the government and targeted at individual investors only. The bearer's treasury bond, which China began to issue in 1994, is also a kind of saving bond and has since become a popular investment tool for the public and an important channel for the government to raise funds for major construction projects.

Compared with the bearer's treasury bond, the statement said the electronic saving bond is more convenient for investors. For example, its interest proceeds will be automatically paid into an investor's account on the payment date. For bearer's treasury bonds, investors have to claim interest at bank counters.

The statement said the authorities will design more electronic saving bond products and keep improving their services so that the new bond will become popular with the general public.

The issue of bearer's treasury bonds will continue in the future, the statement said.

(Xinhua News Agency June 21, 2006)