The government has called for accelerated reform in the financial leasing industry, Premier Li Keqiang said during a meeting held Wednesday.
Li noted that the minimum registered capital requirements will be eliminated to simplify the procedures that financial leasing firms must follow when setting up new subsidiaries.
For companies that specialize in financing and leasing agricultural, medical and aircraft equipment, the export and import procedures will be simplified, an online statement said.
Li also highlighted the development of leasing businesses that specialize in advanced industries such as clean energy and the import of advanced equipment. The Internet can be used to develop the financial leasing business by setting up platforms to connect financial leasing firms and those involved in renting assets.
China's financial leasing market is expected to reach 5 trillion yuan ($779.85 billion) during the first half of 2016 and become the world's largest, Xinhua reported.
The number of financial leasing firms surged nearly 45 percent during the first half of 2015 to 3,185, according to Xinhua, which cited data compiled by the China Financial Leasing Association and its partners.
Separately, the meeting also said that more Public-Private Partnership financing channels should be established to accelerate construction of projects in the urban renewal and railway sectors.
