Draft Provisions of Shanghai on Promoting the Development of Financial Leasing in Pudong New Area Soliciting Public Opinion Industry | Business | Public Opinion

Release time:Apr 13, 2024 22:36 PM

Announcement of the Office of the Standing Committee of the Shanghai Municipal People's Congress

The Third Session of the 16th Standing Committee of the Shanghai Municipal People's Congress reviewed the Several Provisions on Promoting the Development of Financial Leasing in Pudong New Area. In order to further promote legislative democracy, the draft regulations and related instructions are now published in full on Jiefang Daily, Shanghai Legal Daily, Dongfang.com, Xinmin.com, Shanghai People's Congress website, and the "Shanghai People's Congress" WeChat official account, to solicit opinions from the community, so as to further study and revise them, and then submit them to the future session of the Standing Committee of the Municipal People's Congress for deliberation. The relevant matters are hereby notified as follows:

1. time for public consultation

20 June 2023 to 4 July 2023

2. ways of reflecting opinions

Letter address: No. 200 Renmin Avenue, Shanghai, Legislative Affairs Committee of the Standing Committee of the Municipal People's Congress, No.3 Legislative Division; Postal code: 200003

Email: fgwlfsc@163.com

Fax: 63586556

Office of the Standing Committee of the Shanghai Municipal People's Congress

June 19, 2023

Explanation on Matters Related to Soliciting Opinions on the Several Provisions of Shanghai on Promoting the Development of Financial Leasing in Pudong New Area

1. drafting background

The "Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting the High-level Reform and Opening-up of the Pudong New Area to Build a Leading Area for Socialist Modernization" clearly requires Pudong to enhance its global resource allocation capabilities and serve to build a new development pattern. Financial leasing is the most closely integrated industry in the financial field and the real economy, and it is also an important financial means to promote "made in China" to go out and actively participate in international market competition. At present, financial leasing has become the third largest debt financing instrument after bank loans and open market debt issuance. As of the first quarter of this year, the city's financial leasing industry accounted for about 1/3 of the country's total assets, of which more than 90% of the asset scale and head enterprises are concentrated in Pudong New area. In accordance with the requirements of the Opinions on Leading Areas, focusing on promoting the development of financial leasing, the formulation of this Pudong New Area regulation will help Pudong accelerate the construction of a national financial leasing center, strengthen the ability of financial services to the real economy, and help build the core area of an international financial center to better serve the new development pattern.

Main contents of 2.

There are 18 Provisions of Shanghai Municipality on Promoting the Development of Financial Leasing in Pudong New Area, the main contents of which are as follows:

One is to grasp the characteristics of financing leasing business and leverage the function of financial services for the real economy. Including: optimizing the credit mechanism, flexibly utilizing business concentration and correlation regulation, guiding financing leasing companies to carry out business in key industry areas; Adhering to the concept of sustainable development, promoting the financing leasing industry to serve the green and low-carbon transformation and development; On the basis of the green finance regulations passed in Pudong New Area last year, we will further guide and promote enterprises to carry out intangible asset financing leasing business such as patent rights.

The second is to solve the difficulties in the development of financing leasing and optimize the institutional rules for industry development. Including: deepening institutional openness in the field of financing leasing, optimizing the registration system for external debt of offshore financing leasing, supporting enterprises to develop offshore financing leasing business, supporting enterprises to collect rent in foreign currency within the country, and supporting the circulation and use of foreign currency rental income; Promote the development of financing leasing for aircraft, ships, motor vehicles, medical devices, and other industries, and solve the practical pain points and difficulties in the process of enterprise expansion.

The third is to focus on the development of financing leasing, and to empower the healthy and standardized development of the industry with institutional empowerment. Including: cultivating and supporting financing leasing companies to grow and strengthen, supporting access to financial credit information basic databases, and expanding development space; Maintain a good transaction order in the financing leasing industry, promote cooperation and governance between people's courts, financial regulatory departments, financial infrastructure, etc., and prevent and resolve financial risks; Promote self-discipline in the financing leasing industry, resolve conflicts and disputes related to financing leasing business, and safeguard the legitimate rights and interests of all parties involved in financing leasing.

Focus of 3. comments

1, how to better play the real economic function of financial leasing services, and promote the healthy development of the financial leasing industry?

2. How to better create a good environment conducive to the healthy development of the financial leasing industry through institutional innovation?

3. Other opinions and suggestions.

Provisions of Shanghai Municipality on Promoting the Development of Financial Leasing in Pudong New Area

Article 1

In order to promote the high-quality development of financing leasing in Pudong New Area, leverage the function of financial services for the real economy, and promote the construction of the core area of the international financial center, this regulation is formulated in accordance with the basic principles of relevant laws and administrative regulations, combined with the actual situation of Pudong New Area.

Article 2

This regulation applies to the promotion of development, management services, and other activities of financing leasing companies registered in Pudong New Area or with their domicile in Pudong New Area.

Article 3

The People's Government of Pudong New Area should establish a working mechanism that promotes the development of the financing leasing industry and coordinates supervision and management, and study and formulate policy measures to promote the development of the industry.

The finance, development and reform, finance, market supervision, ecological environment, public security, intellectual property and other departments of the city and Pudong New Area, as well as the management committee of the Lingang New Area of the China Free Trade Pilot Zone, shall, in accordance with their work responsibilities, improve supporting policies, and support and promote the development of the financing leasing industry.

The supervision and management of the financing leasing industry in Pudong New Area shall be carried out in accordance with relevant national and local regulations.

Article 4

Support the banking and financial institutions in Pudong New Area to increase their credit scale for financing leasing companies that conduct business in key areas such as advanced manufacturing, strategic emerging industries, and green industries in accordance with the requirements of the national financial management department in Shanghai.

If a financing leasing company in Pudong New Area conducts business in areas that comply with national and local policy guidance, the local financial regulatory department of the city may, based on the regulatory rating situation, appropriately relax the regulatory restrictions on its business concentration and correlation in accordance with relevant regulations.

Article 5

Support Pudong New Area financial leasing companies to incorporate environmental, social, and governance factors into their internal governance and business decision-making, improve management processes, enhance their environmental, social, and governance performance, and promote the green and low-carbon transformation and development of financial leasing services.

Support the Municipal Financial Leasing Industry Association in formulating green financial leasing business guidelines. Pudong New Area Financial Leasing Company follows the guidance of green financial leasing business to carry out business, and the development and reform, finance, ecological environment, finance and other departments of Pudong New Area, as well as the Lingang New Area Management Committee, provide corresponding incentives and support.

Article 6

The national financial management department optimizes the registration system for offshore financing leasing external debt in Shanghai institutions, supports the development of offshore financing leasing business by Pudong New Area financing leasing companies, and encourages Pudong New Area financing leasing companies to prioritize the use of RMB for settlement in foreign-related business activities.

If the Pudong New Area financing leasing company leases aircraft, ships, or equipment purchased from overseas to overseas lessees, the national financial management department in Shanghai will simplify the approval content and optimize management measures on the basis of ensuring business authenticity review.

The national financial regulatory authorities in Shanghai support Pudong New Area financial leasing companies in collecting rent in foreign currency within the country, encourage banking and financial institutions in Pudong New Area to optimize their business review methods, and support Pudong New Area financial leasing companies in exploring the circulation and use of foreign currency rental income.

Article 7

If Pudong New Area financing leasing companies carry out intangible asset financing leasing business such as patent rights, they shall obtain relevant rights of the leasing subject in accordance with the law, establish and improve a value evaluation and pricing system that adapts to the characteristics of intangible assets, and reasonably determine the rental level.

Pudong New Area financing leasing companies should closely monitor the risk coverage level of intangible asset value on financing leasing debt, scientifically evaluate the value of intangible assets, and formulate effective risk response measures.

Article 8

If a financing leasing company in Pudong New Area engages in shipping leasing businesses such as airplanes and ships, banking and financial institutions may adopt facilitation measures such as exemption from prior registration for special overdue foreign exchange refunds in goods trade.

Article 9

If a financing leasing company in Pudong New Area engages in motor vehicle financing leasing business, it may apply for mortgage registration with the traffic management department of the public security organs in Pudong New Area for the local license plate motor vehicles it enjoys ownership of. For the first time applying for motor vehicle mortgage registration, the original company business license and a sample seal of the official seal should be submitted for filing; When handling the registration of motor vehicle mortgage or the cancellation of mortgage registration, the submitted proof of subject qualification can be a copy of the business license stamped with the official seal.

Article 10:

The drug regulatory departments of the city and Pudong New Area should establish and improve a medical device operation license and filing system that is suitable for financing leasing, and support enterprises to expand the scope of financing leasing business to various types of medical devices managed according to fixed assets.

When Pudong New Area financing leasing companies apply for medical device operation licenses, they can simultaneously apply for the second type of medical device operation registration, without the need to submit separate registration application forms and paper materials.

Pudong New Area financing leasing companies engaged in medical device business activities should establish a quality management system covering the entire process of medical device financing leasing, and strengthen the information traceability management of medical device financing leasing products.

Article 11

Support Pudong New Area Finance Leasing Company to issue various bonds in accordance with regulations, and issue debt financing instruments through inter-bank and exchange markets.

Support Pudong New Area financial leasing companies to carry out asset securitization business, list and list on domestic and foreign multi-level capital markets in accordance with the law, carry out mergers and acquisitions, and enhance their financial strength.

Article 12:

The national financial regulatory authorities in Shanghai support eligible Pudong New Area financial leasing companies to apply for access to the financial credit information basic database.

If a financing leasing company in Pudong New Area accesses the basic database of financial credit information, it shall carry out credit compliance and data security work in accordance with regulations.

Article 13:

Pudong New Area financing leasing companies shall carry out financing leasing business activities in accordance with the principle of good faith. If the lessee fails to pay the rent on time, the financing leasing company may terminate the financing leasing contract in accordance with legal provisions or contractual agreements.

After the termination of the financing lease contract, the financing lease company may take legal measures to recover the leased property and promptly determine the value of the leased property through entrusted evaluation or open market auction. Except for special agreements made by the parties regarding the ownership of the leased property upon the expiration of the lease term.

Article 14:

Pudong New Area financing leasing companies should standardize service fees. If a financing leasing company and a lessee make an agreement on the collection of service fees, they shall provide services that match the quality and price as agreed, and shall not violate the agreement by converting the obligations that should be borne by the lessor into paid services.

Pudong New Area financing leasing companies shall clearly indicate to the lessee the charging situation of various fees such as service fees, handling fees, consulting fees, etc. in accordance with the law.

Article 15:

This city fully leverages the collaborative governance role of the People's Court, financial regulatory departments, financial infrastructure, etc., strengthens financial governance collaboration, deepens financial governance cooperation, prevents and resolves financial risks, supports the effectiveness of regulatory rules in the financing leasing industry, and ensures the standardized and healthy development of the financing leasing industry.

Article 16

Support the establishment and improvement of dispute resolution mechanisms in the financing leasing industry, strengthen communication and coordination among people's courts, judicial administrative agencies, arbitration institutions, professional mediation organizations, industry associations, and notary institutions, and improve the "one-stop" financing leasing dispute resolution mechanism that connects litigation and non litigation.

Support the financing leasing industry association in this city to play a role in industry standardization, self-discipline management, litigation source governance, and dispute mediation.

Article 17

The relevant people's courts and arbitration institutions in this city should respect the customs and transaction practices of the financing leasing industry in their trial and arbitration activities, release typical cases of financing leasing, and create a good legal environment for the development of the financing leasing industry.

Support the Pudong New Area People's Court to deepen the demonstration judgment mechanism in the trial of financing lease cases, promote the effective connection between trial and execution, and safeguard the legitimate rights and interests of all parties involved in financing leases.

Article 18

This provision shall come into force as.

The full text is here. The "Several Provisions of Shanghai on Promoting the Development of Financial Leasing in Pudong New Area" will be implemented from October. | Medical Devices | Shanghai Municipality

The Provisions of Shanghai Municipality on Promoting the Development of Financial Leasing in Pudong New Area, which were adopted at the 4th Session of the Standing Committee of the 16th Shanghai Municipal People's Congress on July 25, 2023, are hereby promulgated and shall come into force on October 1, 2023. Provisions of Shanghai Municipality on Promoting the Development of Financial Leasing in Pudong New Area Article 1 In order to promote the high-quality development of financial leasing in Pudong New Area, give full play to the function of financial services for the real economy, and promote the construction of the core area of an international financial center, these Provisions are formulated in accordance with the basic principles of relevant laws and administrative regulations and in the light of the actual conditions of Pudong New Area. Article 2 These Provisions shall apply to the promotion of development, management services and other activities of financial leasing companies whose domicile is in Pudong New Area. Article 3 The People's Government of Pudong New Area shall establish a financial leasing industry to promote development and coordinate supervision and management.

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