China’s CRRC sets up financial leasing arm

China’s CRRC Corporation Limited, the world’s largest supplier of rail transit equipment, has recently opened its financial leasing subsidiary in a bid to expand its business overseas.

The financial leasing firm in Dongjiang Free Trade Port Zone in the northern Chinese municipality of Tianjin has a registered capital of three billion yuan (443 million U.S. dollars).

As the first financial leasing firm established after the unveiling of the China Banking and Insurance Regulatory Commission last April, it was jointly founded by CRRC Corp. Ltd., its parent company CRRC Group, and Tianjin Trust Co., Ltd.

The CRRC Financial Leasing Co., Ltd. will move quickly into the global high-speed rail locomotive sales system to increase exports of China-made rail equipment through financial leasing, a company official told Xinhua.

The company will help facilitate global business through capital and technology exports to realize in-depth cooperation with countries along the Belt and Road, the official said.

As a new and major financial services platform for the rolling stock industry, it focuses on world-leading rail transit equipment, including high-speed trains, high-powered locomotives, freight trains and urban rail transit vehicles.

Dongjiang Free Trade Port Zone is a major home for financial leasing companies that contribute to 80 percent of the financial leasing businesses for aircraft, ships for international shipping and offshore engineering equipment in China.

Source(s): Xinhua News Agency

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