China eases access to financial leasing

BEIJING - China's top banking regulator announced on Monday that it will give the market easier access to financial leasing companies by revising regulations.

Financial leasing companies will be allowed to expand business and set up trial subsidiaries, according to a statement from the China Banking Regulatory Commission (CBRC).

CBRC data show that as of the end of the first quarter this year, the assets of 20 financial leasing companies under the supervision of the CBRC totaled 840 billion yuan ($137.4 billion). Their profits last year exceeded 10 billion yuan.

The CBRC will also solicit public opinion regarding the revision until Jan 16, 2014.