File photo shows the view of the skyscrapers of the Central Business District (CBD) in Beijing, capital of China. (Xinhua/Chen Zhonghao)
BEIJING, Jan. 10 (Xinhua) -- The China Banking and Insurance Regulatory Commission (CBIRC) has recently released regulatory measures on financial leasing project companies, in a bid to strengthen risk management and promote sustainable and steady development of relevant business, reported Shanghai Securities News on Saturday.
The regulation defines the category of leased items, as well as the locations, qualifications, principles and business scope of financial leasing project companies.
In order to improve financial support for pilot free trade zones (FTZs) and free trade ports (FTPs), qualified financial leasing firms may establish project companies in domestic regions such as bonded areas, FTZs and FTPs to carry out financial lease business, according to an official with the CBIRC.
The leased items can be aircraft (including engine), ships, containers, marine engineering structures, construction machinery, vehicles, etc, said the same official, noting that this is partly to meet the financial leasing demands of projects under the Belt and Road Initiative.
The regulation also clarifies the requirements in operational management and supervision, by urging financial leasing companies to develop comprehensive risk management mechanism and specifying responsibilities of banking and insurance supervision institutions.
The CBIRC will continue to strengthen its supervising function in the future, guiding the financial leasing companies to implement the regulation measures in their practice and improving both efficiency and quality of financial service for real economy.
(Edited by Yu Huichen with Xinhua Silk Road, yhc0267@163.com)
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