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in terms of industry operation, in recent years, affected by factors such as the macroeconomic environment and changes in the industry regulatory system, the number of financial leasing companies and the balance of financial leasing business have continued to decline.

in terms of policies for financial leasing companies, since 2023, the state administration of financial supervision and administration has successively issued the "notice of the state administration of financial supervision and administration on promoting the standardized operation and compliance management of financial leasing companies" and the "administrative measures for financial leasing companies (draft for comments)" " and "notice on issuing the business development encouragement list, negative list and project company business positive list of financial leasing companies", which sets out requirements for financial leasing companies in terms of corporate governance, leasing business direction, leasing structure and leased properties. commercial financial leasing policies are mainly mentioned in relevant government documents by the state council, the people's bank of china and many local governments. they mainly include supporting the development of green leasing, equipment leasing, aircraft leasing and other businesses, and involve guiding financial leasing companies to return to their roots and operate in compliance with regulations. strengthen risk management and control.

in terms of bond issuance, in the first half of 2024, the total scale of bonds issued by financial leasing companies was 406.53 billion yuan, with a total of 116 issuers. among unstructured financing products, bonds with a main rating of aaa account for a relatively high proportion of 91.05%; in terms of types of issuance, ultra-short-term financing bonds account for the highest proportion. in the first half of 2024, a total of 1 financial leasing company's entity level was upgraded. in terms of issuance interest rates and spreads, in the first half of 2024, the interest spreads and coupon rates of unstructured bonds issued by leasing companies showed a downward trend compared with the same period last year. among them, the difference in the issuance interest rates and spreads of 2-year aa+ subject-rated bonds maximum. judging from the nature of leasing companies, financial leasing companies issued 31 three-year corporate bonds in the first half of 2024. most of the issuers were aaa-rated, and their issuance interest rates and spreads were lower than most commercial leasing companies of the same level. there are certain differences within commercial leasing companies with aaa entity ratings, reflecting the differences in investors' recognition of commercial leasing companies with the same aaa entity rating; there are also certain differences in the issuance interest rates and spreads of financial leasing companies with aaa entity ratings, but the difference is smaller than that of aaa commercial leasing companies.