SHANGHAI- A growing number of Chinese companies have cancelled bond sales in recent weeks due to market volatility, even as authorities have vowed to step up efforts to facilitate debt issuance to help the virus-hit economy.

The issuance of 48 bonds was delayed or cancelled in March, more than failed cases during the previous two months combined, according to financial data provider iFinD.

Dozens of companies, including Lianyungang's New Headline Group and Suzhou's SND Financial Holdings, cancelled issuance of medium term notes, citing recent market volatility.

Weihai's Bluesea Investment in China's eastern Shandong province said it had cancelled the issuance of a 200 million yuan ($31.43 million) bond in order to cooperate with local COVID-19 containment policy amid surging cases, according to a statemnt on March 21.

China's worst COVID-19 wave since the Wuhan outbreak, the escalating Ukraine crisis and a sharp downturn in the domestic property sector are roiling the country's financial markets.

The Shanghai Stock Exchange held a meeting on Wednesday with some 100 brokers to improve debt financing support mechanisms for companies, the official China Securities Journal reported. China's securities regulator also said late last month it planned to introduce measures to expand debt financing channels for private companies.

($1 = 6.3636 Chinese yuan renminbi)

(Reporting by Jason Xue and Andrew Galbraith; Editing by Kim Coghill)