China’s State Council has approved a series of measures to accelerate the growth of financial leasing in the country, according to a number of press reports.
Chinese state news agency Xinhuanet reported that the State Council decided to reduce red tape in an effort to accelerate the development of the financial leasing sector, in order to ‘serve the real economy’.
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As part of the measures, there will be no minimum capital threshold for financial leasing companies to establish subsidiaries as well as easier procedures for leasing equipment like ships, farming machinery, medical devices and aircraft.
In addition it was decided that local governments will provide incentives and risk compensation, while the central government will lower charges and reset local charges in the import and export processes in order to relieve the burden on businesses and boost foreign trade.
A statement released after the State Council executive meeting wrote that accelerating the development of financial leasing could ease financing difficulty and cost, spur investment on equipment and promote industrial upgrade.
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