China pushes financial leasing reform nationwide
China’s Ministry of Commerce (Mofcom) will expand its financial leasing reform beyond the boundaries of the Shanghai free-trade zone. It announced on July 27 financial leasing companies throughout the country will be able conduct commercial factoring – using accounts receivables as collateral for a loan – if it is related to their main businesses. There will be no minimum registered capital requirement for financial leasing companies to set up their subsidiaries, Mofcom confirmed.