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Financial leasing a booming industry
Print Edition
Financial leasing is developing rapidly in the Shanghai free trade zone. A number of companies have started businesses in the zone while the zone’s administration has announced the establishment of an industry development service center and issued 20 new rules to promote development of the industry on Thursday.
The zone claims to have the largest assets, the most complete business types and the best environment in China’s financial leasing industry.
It continues to take the lead through the introduction of a combination of rules and services to form clusters of business and talent in financial leasing as a major step to implement the strategy of further opening up in the financial sector in the zone.
The bonded area administration and the Lujiazui administration of the free trade zone have signed agreements with 10 financial leasing companies, including China Eastern Airlines Co, China Southern Airlines International Finance Leasing Co, China Development Bank Leasing and Ping An International Financial Leasing Co.
The 10 companies plan to provide more assets, such as airplanes, ships and integrated circuits in the zone.
At the same time, the service center will provide a one-stop, all-round, customized and efficient “nanny” service for financial leasing enterprises.
The center will extend its services to financial leasing enterprises in the Pudong New Area and even throughout the city, and further explore the way to strengthen industrial collaboration in the Yangtze River Delta region and enhance Shanghai’s leading role in the financial leasing industry.
The 20 new rules include policies favoring financial leasing enterprises and talent, particularly subsidiaries specialized in financial leasing projects for aviation, shipping and major equipment.
The financial leasing industry ties the modern service industry with advanced manufacturing. As a financial tool closely integrated with the real economy, it not only promotes solutions for small and micro enterprises in Shanghai which face challenges in financing but also supports the development of the city’s real economy and high-end manufacturing.
It is also of great significance for the construction of Shanghai International Financial Center by breaking through the restrictions of offsite loans and extending the financial business of Shanghai to the whole country.
The Shanghai free trade zone has long paid great attention to the financial leasing industry, and regarded its development as a major step to deepen financial reform and innovation and promote the construction of Pudong as a major international financial center.
By the end of the third quarter, 335 SPVs/lessors in the Shanghai free trade zone provided 368 aircraft, 316 ships and 26 pieces of heavyweight equipment, such as aircraft engines.
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