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A joint venture establishing Chongqing Rural Commercial Financial Leasing Ltd – second financial leasing company in Chongqing Municipality, recently obtained the approval of the China Banking Regulatory Commission.

As the main investor, Chongqing Rural Commercial Bank invested 1.7 billion yuan ($ 276 million), accounting for 68 percent of shares. As general investors, Liangjiang Finance Corporation and Chongqing Jieli Wheel Manufacturing Ltd. invested 500 million yuan (20 percent of the total shares) and 300 million yuan (12 percent of total shares) respectively.

Financial leasing includes investment, financing, equipment sales, asset management, liquidity, financial management and other functions. The establishment of Chongqing Rural Commercial Financial Leasing will not only help to accelerate the improvement of Liangjiang New Area’s financial system and the construction of the financial center of the upper Yangtze area, but also promote the industry development of aerospace, automotive, high-end equipment, energy-saving and environmental protection products.