In China, the history of traditional leasing is very long, and most of the traditional leasing transactions belong to the nature of consumption. At present, there are still a large number of enterprises engaged in traditional leasing transactions in China, including steel formwork, general equipment, construction machinery, medical equipment, automobiles, computers, office equipment, televisions, audio-visual products, fitness equipment, children's products, etc., which have played a positive role in facilitating people's lives and meeting consumer demand. Since 1980s, financial leasing has developed in China and become an important part of modern leasing industry in China. The following will focus on the development of financial leasing in China.

1, the emergence and development of China's financial leasing industry

China's financial leasing was introduced from abroad at the beginning of reform and opening up. At the beginning of 1980, China International Trust and Investment Company (hereinafter referred to as CITIC Company) piloted the first batch of financial leasing business, and achieved good economic benefits, including the introduction of textile machinery for Zhuozhou Textile Factory in Hebei Province, 200 Nissan cars for Beijing Capital Taxi Company, and CITIC Company reached an import agreement with a Swiss multinational company to introduce a Boeing 747 passenger plane for civil aviation by means of leveraged leasing. 198 1 In April, CITIC established China Oriental International Leasing Company, the first Sino-foreign joint venture leasing company in China, and in July of the same year, it cooperated with domestic institutions to establish China Leasing Co., Ltd., the first financial leasing company in China. The establishment of these two financial leasing companies marks the establishment of China's financial leasing industry and modern leasing system. In the early stage of the development of China's financial leasing industry, finance, taxation, customs, industry and commerce, foreign trade, foreign exchange management and other relevant departments have successively formulated policies and regulations to encourage the development of financial leasing industry. The financial leasing industry developed rapidly in the middle and late 1980s. By the end of 2000, there were 16 financial leasing companies approved by the People's Bank of China, among which 4 companies went bankrupt or closed down due to operational problems, and there were still 12 companies. In addition, there are more than 265,438+030 trust and investment companies, 80 finance companies and 4 asset management companies engaged in financial leasing business.

In the 20 years since its birth in the early 1980s, the financial leasing industry has played an active role in the economic development of China, mainly in the following aspects. (1) Use financial leasing to introduce equipment and funds from abroad to support the technological transformation of Chinese enterprises. According to the statistics of the leasing industry committee of China Association of Enterprises with Foreign Investment, by the end of 2000, nearly 7,000 enterprises had undergone technological transformation through financial leasing transactions of joint venture leasing companies, involving civil aviation, city taxis, textiles, tobacco, petrochemicals, electric power, posts and telecommunications, mobile communications and other industries. (2) Use financial leasing to manage assets and expand product sales. For example, Angang sells imported rolling mills to leasing companies and rents them back for use, which solves the need for liquidity. Shenzhen Huawei Company used financial leasing as a means of product promotion and achieved good economic benefits. Zhejiang Financial Leasing Company combines leasing financing with government financial expenditure, which not only supports the infrastructure construction of urban public transport system, but also improves the multiplier effect of financial investment in stimulating social investment. In addition, the development of financial leasing industry has promoted foreign investment in China and introduced new investment and financing concepts and advanced technologies.

2. Problems in the development of China's financial leasing industry After 20 years of development, China's financial leasing industry has grown from scratch and its importance in the national economy has been continuously enhanced. However, there are also many problems in the development of the financial leasing industry, mainly as follows: (1) the scale of financial leasing transactions is small, the leasing penetration rate is low, and the leasing equipment penetration rate is only low. (2) Financial leasing is basically a way for enterprises to raise funds, and the functions of asset management and promotion are far from being effective. (3) The asset quality of some leasing companies has deteriorated, the capital turnover is difficult, and the operation is unsustainable. There are many reasons for these problems, including the macroeconomic environment and the leasing industry itself. From the macro-economic environment, for a long period after the emergence and development of financial leasing industry, there was no legal provision on financial leasing business in China, and the economic interests of lessors could not be guaranteed legally; At the same time, there is no accounting standard for financial leasing business in the accounting system, and there is also a lack of corresponding preferential policies in taxation. There are few financing channels for leasing companies. These problems not only affect the enthusiasm of enterprises to use financial leasing, but also inhibit the business expansion and innovation ability of leasing companies. In addition, the credit environment of the whole society deteriorated, and the lessee entrusted or even refused to pay the rent, which led to the leasing company's inability to recover its investment and its operation was in trouble. From the perspective of the leasing industry's own factors, the main problems are that the main business of leasing companies is not prominent, the operation is not standardized, the awareness of risk prevention is weak, and the management level is low.

3. The development prospect of China's financial leasing industry

Although China's financial leasing industry has encountered many problems in its development, it still has broad development prospects in China. In the production field, the use of financial leasing can expand substantial investment to promote employment growth, accelerate technological transformation and equipment renewal of enterprises, and promote the use of high-tech and equipment; In the field of circulation, financial leasing can change the traditional circulation mode of production, transportation, sales and other departments, establish an integrated production and marketing system, promote the sales of domestic equipment and expand the market share of domestic equipment; In the financial field, the use of financial leasing can change the single loan financing mode, improve the bank's asset structure, reduce operational risks and expand the financing scale of small and medium-sized enterprises; In the financial field, the cooperation between financial leasing and fiscal policy can change the original investment and financing mode and give full play to the leverage of financial funds; In the field of state-owned assets management, the use of financial leasing can reduce the occupation of fixed assets, improve the liquidity of funds and revitalize state-owned assets. The macro environment for the development of financial leasing in China is constantly improving. Since 1999, three laws and regulations that have important influence on the development of China's financial leasing industry have been promulgated one after another. 1On March 5, 1999, the National People's Congress passed the People's Republic of China (PRC) Contract Law, in which the financial leasing contract comprehensively stipulated the nature of the financial leasing transaction and the rights and obligations of the parties, greatly improving the legal environment for the development of the financial leasing industry in China. On June 30, 2000, the People's Bank of China promulgated the Administrative Measures for Financial Leasing Companies, which stipulated the organization, business operation and supervision of financial leasing companies, highlighted the main business of financial leasing companies, and played an important role in regulating the operation of financial leasing companies. The Accounting Standards for Business Enterprises-Lease issued by the Ministry of Finance was officially implemented on June 1 2006. Referring to international practice, this accounting standard divides lease accounting into financial lease accounting and operating lease accounting, and determines the basic principles and methods of accounting treatment and information disclosure of lessors and lessees under different transaction conditions, thus creating conditions for the development of operating leases and the innovation of transaction forms in China.

At the same time, many enterprises have realized the unique role of financial leasing in investment, financing, promotion and asset management, and began to intervene in the financial leasing industry in various ways. After China's entry into WTO, China's leasing market will be opened to the outside world. The entry of foreign leasing companies and manufacturers will inevitably intensify the competition in China's financial leasing market, but it will also bring advanced management methods and concepts. Domestic leasing institutions should seize the opportunity, learn from the advanced experience of developed countries and innovate in combination with China's reality, so that the financial leasing industry can play a greater role in the national economy.

Reprinted for reference only.