The General Office of the State Council Prints and Distributes the Guiding Opinions to Facilitate the Development of the Financial Leasing Industry

Time:2015-08-16   Source:

The General Office of the State Council recently printed and distributed the Guiding Opinions on Accelerating the Development of the Financial Leasing Industry (hereinafter referred to as “the Guiding Opinions”) to make overall arrangement and speed up the development of this sector. 

According to the Guiding Opinions, China’s financial leasing sector has made considerable progress in market size and competitiveness, and plays an important role in stimulating industrial innovation and upgrading, expanding financing channels of medium, small and micro-sized enterprises, boosting emerging industries, promoting economic restructuring, etc. 

The Guiding Opinions sets forth that the sector should seek for market-oriented development with the government support, pay equal attention to growth and standardization, leasing of funds and assets, domestic and international operation, and specifies the development objectives of world-leading market size and competitiveness by the year 2020.

The Guiding Opinions clarifies four major tasks: first, to reform the systems and mechanisms restricting the development of the industry by speeding up streamlined administration and authority decentralization, smoothing the industrial management system, and perfecting the management system of related sectors; second, to speed up the development of financial leasing in key fields by actively promoting industrial transformation and upgrading, accelerating the development of financial leasing services for medium, small and micro-sized enterprises, and boosting cross-border leasing; third, to support financial leasing-related innovative development by encouraging innovative operation modes of financial leasing companies, accelerating the development of supporting industries and improving the core competitiveness of financial leasing companies; fourth, strengthen the regulatory administration during and after financial leasing projects by improving the industrial regulatory system and playing the role of industrial organizations in self-discipline.

The Guiding Opinions also puts forward the following five policy measures. First, to build the legalized business climate: Dedicated legislation will be promulgated, the sound regulatory system will be put in place to supervise financial leasing companies, and standard leased property registration system will be formed to create a fair environment of competition. Second, to develop sound tax policies: Governments at all levels will be encouraged to purchase and provide public services through financial leasing; actual users of leased agricultural machineries will be given subsidies for purchase of such machineries, and local governments are stimulated to explore such policy measures as risk compensation, rewards and discount to guide financial leasing companies to enhance financing support for medium, small and micro-sized enterprises; financial leasing contracts will be taxed and stamped in reference to the taxable items of loan contracts; the scale and coverage of export credit insurance will be expanded. Third, to expand financing channels: Financial institutions including banks, insurance companies, trusts and foundations will be encouraged to strengthen support for financial leasing companies; domestic financial leasing companies will be supported to carry out pilot programs for foreign debt registration management; financial leasing companies will be encouraged to launch RMB cross-border financing businesses, commercial banks will be encouraged to support cross-border financial leasing projects by using foreign exchange reserve entrusted loan; research will be made on investing insurance funds in financial leasing assets; support will be given to the establishment of financial leasing funds. Fourth, to deliver better public services: Uniform, standard and comprehensive statistics system and assessment indicator system will be gradually shaped in the financial leasing industry, financial leasing industry standardization system will be set up, and the industrial prosperity index will be developed. Fifth, to enhance team building: eligible colleges will be encouraged to set up financial leasing-related disciplines in their discretion; the industry associations will be supported to carry out training, teaching materials compilation, qualification evaluation, experience sharing and business exchange.

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