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Legal update
Shanghai Issues Several Provisions on the Development of Financial Leasing in Pudong New Area
Pubdate：2023.07.31
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On July 25, 2023, the Fourth Meeting of the Standing Committee of the Sixteenth Shanghai Municipal People’s Congress passed the Several Provisions of Shanghai Municipality on Promoting the Development of Financial Leasing in Pudong New Area (the “Provisions”), which will come into force on October 1, 2023.
There are 19 articles in the Provisions, which clearly support the banking financial institutions in Pudong New Area according to the requirements of the national financial regulatory authorities for local financial institutions and increase their credit lines to financial leasing companies operating in advanced manufacturing, strategic emerging industries, green industries and other key domains.
The Legislative Affairs Committee of the Standing Committee of the Shanghai Municipal People’s Congress stated that the Provisions will promote the high-quality development of financial leasing in Pudong New Area, strengthen the ability of finance to serve the real economy, and is of great significance to promote the construction of the core area of the international financial center, better integrate into and serve new development pattern.
