China’s financial leasing market is expected to hit CNY 5 trillion during the first half of 2016 and is on course to take the number one position globally, overtaking the US, according to recent research released by the China financial leasing association and its partners.

据中国融资租赁协会及其合作伙伴近期公布的调查显示，预计2016年上半年，中国融资租赁市场将突破5万亿元人民币，届时将超过美国，获得全球第一的位置。

The number of financial leasing firms surged nearly 45% during the first half of this year to 3,185 according to the survey, and the sector is expected to maintain an annual growth rate of 30% during the next five years. Financial leasing contracts stood at CNY 3.66 trillion at the end of June, up 14.2% from six months ago.

据调查显示，2015年上半年融资租赁公司数量猛增近45%，达3,185家，而且预计未来5年该行业年度增长率将保持在30%。2015年6月底，融资租赁合同余额达3.66万亿元人民币，较6个月前上涨14.2%。

The report’s summary says the growth in financial leasing activities is partly being fueled by growing interest from listed Chinese firms from a range of new sectors, including businesses in the telecom, agriculture, pharmaceutical, energy and equipment manufacturing industries.

报告总结认为，融资租赁活动兴起部分是由于一系列新领域（如电信、农业、制药、能源和设备制造业）上市公司对该行业日益增长的兴趣所致。

Recent media reports have suggested this may be down to the fact that sale-and-lease-back options allow companies to obtain financing as much as 10% cheaper than via bank loans.

最近有媒体报道称，公司通过售后回租的形式获得的融资比银行贷款便宜高达10%。

This is because equipment used as collateral for bank loans can only win companies funding for up to 60% of the equipment’s book value. However, by using sale-and-lease-back, funding can reach more than 80%.

这主要因为，设备作为银行贷款抵押品，公司只能最高获得60%的设备账面价值，而通过售后回租融资可达80%以上。

About 25% of China’s financial leasing activities take place in the eastern Chinese coastal city of Tianjin, and its Dongjiang bonded port is looking to spearhead offshore financial leasing using preferential policies for the Tianjin free trade zone, the report indicated.

该报告显示，中国约25%的融资租赁活动集中在中国东部沿海城市天津，其东疆港保税区希望利用其天津保税区的优惠政策，成为融资租赁离岸先锋。

Annual growth of 30%

年增长率30%

Separate research from RnR Market Research, published earlier this year, also predicts “exponential growth” in financial leasing. It calculated that the financial leasing industry in China developed rapidly during the “12th five-year plan” period (2011-2015), with assets hitting CNY 2 trillion and over 600 companies involved in the leasing industry. The research suggested the assets of the top 20 financial leasing enterprises stood at CNY 800 billion, accounting for over 50% of the total.

今年早些时候，RnR市场研究发表的独立研究也预测了融资租赁业的“增长指数”。该报告显示，“十二五计划”期间（2011-2015），中国融资租赁业发展迅速，其资产达2万亿元人民币，租赁公司600余家。报告称，前20家融资租赁企业资产达8000亿元人民币，占行业总资产的50%以上。

The report “Research on Financial Leasing Industry in China, 2015-2020” predicts that by 2020, the financial leasing industry in China will be close to CNY 10 trillion with compound annual growth rate of about 30%, and the leasing penetration rate can be expected to exceed 10%. As well as Tianjin, the research suggests leasing will become a key activity in other financial centres including Beijing, Shanghai, Tianjin, Shenzhen, Hangzhou and Xiamen.

“中国融资租赁行业研究，2015-2020”预测，2020年中国融资租赁行业将接近10万亿元人民币，复合年增长率达30%，租赁渗透率有望超过10%。该研究表明，租赁将成为天津，以及包括北京、海上、深圳、杭州、厦门在内的其他金融中心的重点经济活动。

It also predicts strong growth in the market for marine equipment leasing, as China starts to take an increasingly large share of the global shipbuilding market, outpacing both South Korea and Japan. The report singles out funders such as Minsheng Financial Leasing Co., Ltd, BCM Financial Leasing Co., Ltd and China Ship (Hong Kong) Aviation Leasing Co., Ltd as very active in this sector.

研究还预测，由于中国在世界造船市场所占份额越来越大，甚至超过韩国和日本，中国船舶设备租赁市场发展势头强劲。报告指出，像民生融资租赁、交通银行融资租赁和中国船舶（香港）航空租赁，这样的公司在该行业极其活跃。