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Chinese regulator encourages financial leasing companies to set up subsidiaries

The China Banking Regulatory Commission said it will support qualified financial leasing companies in the establishment of professional subsidiaries and exploration of diversified profit-making models to better serve the real economy.

The total assets of all 52 financial leasing companies in the sector stood at 1.94 trillion yuan as of the end of the third quarter. They recorded net profit of 18.23 billion yuan and a nonperforming asset ratio of 0.93% in the nine months ended Sept. 30, according to the banking regulator.

As of Dec. 29, US$1 was equivalent to 6.95 Chinese yuan.