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| Notice by the National Financial Regulatory Administration of Issuing the Measures for the Administration of the Financial Leasing Business of Financial Leasing Companies | | 国家金融监督管理总局关于印发《金融租赁公司融资租赁业务管理办法》的通知 |
| (No. 25 [2025] of the National Financial Regulatory Administration) | | 金规〔2025〕25号 |
| All local bureaus of the National Financial Regulatory Administration: | | 各金融监管局： |
| The Measures for the Administration of the Financial Leasing Business of Financial Leasing Companies are hereby issued to you for your compliance and implementation. | | 现将《金融租赁公司融资租赁业务管理办法》印发给你们，请遵照执行。 |
| National Financial Regulatory Administration | | 国家金融监督管理总局 |
| December 4, 2025 | | 2025年12月4日 |
| (This document shall be distributed to relevant local sub-bureaus of the National Financial Regulatory Administration, financial leasing companies, and auto finance companies.) | | （此件发至相关金融监管分局和金融租赁公司、汽车金融公司） |
| Measures for the Administration of the Financial Leasing Business of Financial Leasing Companies | | 金融租赁公司融资租赁业务管理办法 |
| Chapter I General Provisions | | 第一章 总则 |
| Article 1 These Measures are developed in accordance with the Banking Supervision Law of the People's Republic of China, the Measures for the Administration of Financial Leasing Companies, and other applicable laws, regulations, and rules for the purposes of regulating the financial leasing business operations of financial leasing companies, preventing operational risks, and promoting the high-quality development of the industry. | | 第一条 为规范金融租赁公司融资租赁业务经营行为，防范经营风险，促进行业高质量发展，依据《中华人民共和国银行业监督管理法》《金融租赁公司管理办法》等法律法规和规章，制定本办法。 |
| Article 2 For the purposes of these Measures, a “financial leasing company” means a non-banking financial institution formed with the approval of the National Financial Regulatory Administration (“NFRA”) and primarily engaged in the financial leasing business. | | 第二条 本办法所称金融租赁公司，是指经国家金融监督管理总局批准设立的，以经营融资租赁业务为主的非银行金融机构。 |
| Article 3 The financial leasing business conducted by a financial leasing company may be classified into the direct leasing business and sale and leaseback business. | | 第三条 金融租赁公司开展的融资租赁业务可以分为直接租赁业务和售后回租业务。 |
| Among the financial leasing business conducted by a financial leasing company, those which, in accordance with the accounting rules issued by the state, shall be included in the operating lease accounting items shall constitute the operating lease business as mentioned in these Measures. | | 金融租赁公司开展的融资租赁业务中，根据国家会计制度规定应当纳入经营租赁会计科目核算的，为本办法所称经营性租赁业务。 |
| Article 4 The scope of leased property in the financial leasing business conducted by financial leasing companies shall comply with the relevant provisions of the Measures for the Administration of Financial Leasing Companies. | | 第四条 金融租赁公司开展融资租赁业务的租赁物范围应当符合《金融租赁公司管理办法》的相关规定。 |
| Article 5 Financial leasing companies shall conduct the financial leasing business under the principles of compliance with laws and regulations, prudent operation, equality and voluntariness, and fairness and good faith. | | 第五条 金融租赁公司开展融资租赁业务，应当遵循依法合规、审慎经营、平等自愿、公平诚信的原则。 |
| Article 6 The NFRA and its local bureaus shall supervise and administer the financial leasing business activities of financial leasing companies in accordance with the law. | | 第六条 国家金融监督管理总局及其派出机构依法对金融租赁公司融资租赁业务活动实施监督管理。 |
| Chapter II Due Diligence | | 第二章 尽职调查 |
| Article 7 A financial leasing company shall establish and periodically update policies for the access management of the leased property and lessees based on national policies and regulatory provisions and in light of its business development plans and risk appetite. | | 第七条 金融租赁公司应当根据国家政策和监管规定，结合自身业务发展规划和风险偏好，建立租赁物、承租人准入管理政策并定期更新。 |
| Article 8 A financial leasing company shall establish due diligence rules and a management system, regulate due diligence operating procedures, specify due diligence work requirements, and ensure the independence, veracity, and effectiveness of due diligence. | | 第八条 金融租赁公司应当建立尽职调查制度和管理体系，规范尽职调查操作流程，明确尽职调查工作要求，确保尽职调查的独立性、真实性和有效性。 |
| Article 9 A financial leasing company shall conduct objective, impartial, and prudent investigations into the leased property, lessees, guarantors, collateral or pledged assets, and other aspects through effective methods and standardized procedures, ascertain the ownership and value of the leased property, understand the operational, financial, and credit status of lessees, guarantors, and other credit enhancement entities, to ensure the veracity and controllable risks of the financial leasing business. | | 第九条 金融租赁公司应当通过有效方法和规范程序对租赁物、承租人、担保人、抵（质）押物等方面进行客观、公正、审慎的调查，掌握租赁物权属和价值等情况，了解承租人、担保人及其他增信主体经营、财务和信用状况，确保融资租赁业务真实、风险可控。 |
| Article 10 Due diligence shall be jointly conducted by at least two persons, who shall conduct on-site investigations of the leased property and the lessee and form a written report. | | 第十条 尽职调查应当至少由双人共同实施，对租赁物、承租人进行现场调查，形成书面报告。 |
| For the business with batch or standardized characteristics, if the veracity of information related to the leased property and the lessee can be verified through off-site investigation and effective risk assessment can be made on such a basis, a financial leasing company may simplify or not conduct on-site investigations, and shall prudently determine the upper limit of the transaction amount that may be simplified or not subject to on-site investigation based on the region, industry, and type of the leased property and other factors. | | 对于具有批量化或标准化特征，通过非现场调查手段能够核实租赁物、承租人相关信息真实性并可据此作出有效风险评价的业务，金融租赁公司可以简化或不以现场方式开展调查，并应当根据区域、行业、租赁物类型等因素，审慎确定可以简化或不进行现场调查的业务金额上限。 |
| Article 11 A financial leasing company shall investigate the eligibility of the leased property, with a focus on the veracity, liquidity, and risk mitigation effect of the leased property, to ensure that the leased property is clear in ownership, specific, and disposable, economically valuable, and can generate use proceeds. | | 第十一条 金融租赁公司应当对租赁物适格性进行调查，重点关注租赁物真实性、流通性及风险缓释作用，确保租赁物权属清晰、特定化、可处置、具有经济价值并能够产生使用收益。 |
| Article 12 A financial leasing company shall verify the ownership of the leased property in an objective and comprehensive manner to ensure clear ownership, and shall not use any property that has been mortgaged, is subject to ownership disputes, has been placed under seal or impounded by the judicial authority, or has defects in ownership as the leased property. When conducting the sale and leaseback business, the financial leasing company shall ensure that the lessee truly owns and has the right to dispose of the property. | | 第十二条 金融租赁公司应当客观、全面核查租赁物权属情况，确保租赁物所有权清晰，不得将已设置抵押、权属存在争议或已被司法机关查封、扣押的财产或所有权存在瑕疵的财产作为租赁物。金融租赁公司开展售后回租业务时，应当确保租赁物由承租人真实拥有并有权处分。 |
| Article 13 A financial leasing company shall investigate the specific information, physical conditions, delivery status, relevant operational qualifications, and other circumstances of the leased property. When conducting the operating lease business, the financial leasing company shall also investigate the value fluctuations, technology update cycles, core components, repair and maintenance, insurance arrangements, re-disposal cycle, disposal channels, and other circumstances of the leased property. | | 第十三条 金融租赁公司应当对租赁物特定化信息、物理状态、交付状况及相关营运资质等情况进行调查。金融租赁公司开展经营性租赁业务时，还应当对租赁物的价值波动、技术更新周期、核心部件、维修保养、保险安排、再处置周期和处置渠道等情况进行调查。 |
| Article 14 A financial leasing company shall establish and improve the system for assessing the value of the leased property, develop management measures for the assessment of the leased property, specify assessment procedures, factors affecting the assessment, and assessment methods, among others. | | 第十四条 金融租赁公司应当建立健全租赁物价值评估体系，制定租赁物评估管理办法，明确评估程序、评估影响因素和评估方法等。 |
| A financial leasing company shall optimize the setup of internal management departments, specify the division of post duties, and maintain the independence of the department and personnel responsible for the assessment of the leased property, to ensure that the assessment results are true, objective, and impartial. | | 金融租赁公司应当优化内部管理部门设置，明确岗位职责分工，负责租赁物评估的部门及人员应当保持独立性，确保评估结果真实、客观、公正。 |
| The assessment staff of a financial leasing company shall have professional qualifications for assessment. If it is necessary to entrust a third-party institution to conduct the assessment, it shall analyze and demonstrate the reasonableness and credibility of relevant assessment methods, and shall not simply replace its investigation, evidence collection, and analysis with external assessment results. | | 金融租赁公司的评估工作人员应当具备评估专业资质。需要委托第三方机构评估的，应当对相关评估方法的合理性及可信度进行分析论证，不得简单以外部评估结果代替自身调查、取证和分析工作。 |
| Article 15 A financial leasing company shall reasonably determine the value of the leased property, and shall not purchase the leased property at prices higher than their value. When conducting the direct leasing business, a financial leasing company may reasonably determine the value of the leased property based on factors such as the actual purchase price or the manufacturer's suggested price. When conducting the sale and leaseback business, the financial leasing company shall select reasonable valuation methods to determine the value of the leased property based on the book value of the assets held by the lessee. | | 第十五条 金融租赁公司应当合理确定租赁物价值，严禁低值高买。金融租赁公司开展直接租赁业务时，可以根据实际购买价款或厂商指导价格等因素合理确定租赁物价值；开展售后回租业务时，应当以承租人所持有资产的账面价值为基础，选用合理的估值方法确定租赁物价值。 |
| Article 16 A financial leasing company shall, in accordance with the principles of prudence and objectivity, investigate the lessee's production and operation, credit qualifications, internal control, financial conditions, and other circumstances, pay particular attention to the veracity, legality, and rationality of the lessee's use of the leased property and financing needs, the coverage of rent payments by the lessee's operating cash flow, and other circumstances. If the lessee is a natural person, an individual industrial and commercial household, or a micro or small enterprise, the financial leasing company may appropriately simplify the scope of the investigation without lowering risk review standards. | | 第十六条 金融租赁公司应当按照审慎客观原则，对承租人生产经营、信用资质、内部控制、财务状况等情况进行调查，重点关注承租人对租赁物使用和融资需求的真实性、合法性和合理性，承租人经营性现金流对租金覆盖等情况。承租人为自然人、个体工商户或小微企业的，金融租赁公司可以在不降低风险审核标准前提下适当简化调查内容。 |
| In the event of an emergency or significant change in the lessee's operating conditions, a financial leasing company shall immediately conduct an investigation and promptly make a judgment on whether to modify the original investigation conclusion. | | 承租人发生突发事件或经营状况发生重大变化的，金融租赁公司应当立即进行调查，及时作出是否更改原调查结论的判断。 |
| The provisions of this Article shall apply, mutatis mutandis, to the investigation of guarantors and other credit enhancement entities by financial leasing companies. | | 金融租赁公司对担保人及其他增信主体的调查，参照本条规定执行。 |
| Article 17 Where a financial leasing company cooperates with the manufacturer (including dealers and specialized service providers, here and below) in carrying out the financial leasing business, it shall investigate the manufacturers' operating conditions, market reputation, product competitiveness, production and delivery capabilities, and other circumstances. If the manufacturer undertakes the repurchase guarantee obligation, the financial leasing company shall also investigate the manufacturer's financial status, credit qualification, ability to dispose of the leased property, and other circumstances. | | 第十七条 金融租赁公司与厂商（含经销商、专业服务商，下同）合作开展融资租赁业务时，应当对厂商经营状况、市场声誉、产品竞争力和生产交付能力等情况进行调查；对于由厂商承担回购担保责任的，还应当对厂商的财务状况、信用资质和租赁物处置能力等情况进行调查。 |
| In case of any emergency or significant change in the manufacturer's operating conditions, the financial leasing company shall immediately conduct an investigation and determine whether to modify the original investigation conclusion in a timely manner. | | 厂商发生突发事件或经营状况发生重大变化的，金融租赁公司应当立即进行调查，及时作出是否更改原调查结论的判断。 |
| Chapter III Risk Assessment and Approval | | 第三章 风险评价与审批 |
| Article 18 A financial leasing company shall establish a review framework centering on the analysis of the leased property and the lessee, set scientific and reasonable indicators and standards, comprehensively review risk factors related to the financial leasing business, fully consider policy changes, market fluctuations, and other factors, evaluate the feasibility of the financial leasing business in an objective and impartial manner, and form a risk assessment report. | | 第十八条 金融租赁公司应当建立以租赁物和承租人分析为核心的审查框架，设置科学合理的指标和标准，全面审查融资租赁业务相关风险因素，充分考虑政策变化、市场波动等因素，客观、公正评价融资租赁业务的可行性，形成风险评价报告。 |
| A financial leasing company may, based on the actual needs for business operation and risk control, develop risk assessment methods that adapt to the characteristics of different business models, and dynamically assess and adjust relevant methods. | | 金融租赁公司可以根据业务经营和风险控制的实际需要，制定适应不同业务模式特点的风险评价方法，并对相关方法进行动态评估和调整。 |
| Article 19 A financial leasing company shall establish a credit management mechanism for the lessee that is consistent with the characteristics of the financial leasing business. When conducting conditional credit granting, the financial leasing company shall comply with the principle of “conditions met before granting credit,” and shall not grant the credit if the conditions for credit granting are not met or a new decision has not been made upon the change of conditions. | | 第十九条 金融租赁公司应当建立符合融资租赁业务特点的承租人授信管理机制。实施有条件授信时，应当遵循“先落实条件，后实施授信"的原则，授信条件未落实或条件发生变更未重新决策的，不得实施授信。 |
| Article 20 A financial leasing company shall, according to due diligence results and risk assessment reports, determine the amount of the financing leasing business in a prudential and reasonable manner, and shall not determine the transaction amount before determining the value of the leased property. | | 第二十条 金融租赁公司应当根据尽职调查结果和风险评价报告，审慎合理确定融资租赁业务金额，严禁先确定业务金额后确定租赁物价值。 |
| When conducting the direct leasing business, a financial leasing company shall determine the transaction amount in a prudent and reasonable manner based on the actual payment price, necessary transport and installation costs, taxes and fees, insurance premiums, and other factors. When conducting the sale and leaseback business, a financial leasing company shall determine the transaction amount in a prudent and reasonable manner based on the value of the leased property, with comprehensive consideration of the lessee's capability to perform the contract, the disposal and realization of the leased property, and other factors, and the transaction amount shall not exceed the value of the leased property. | | 金融租赁公司开展直接租赁业务时，应当根据实际支付价款、必要的运输安装费用、税费、保险费用等审慎合理确定业务金额；开展售后回租业务时，应当以租赁物价值为基础，综合考虑承租人履约能力、租赁物处置变现等因素，审慎合理确定业务金额，且业务金额不得高于租赁物价值。 |
| Article 21 When conducting the direct leasing business, a financial leasing company shall differentiate spot transactions and non-spot transactions and formulate different review points and risk control measures. For non-spot transactions or circumstances involving the transfer of orders, among others, a financial leasing company shall also focus on reviewing factors such as the construction progress, down payment ratio, delivery and acquisition of ownership of the leased property, the financial leasing amount and the frequency of rent payment, the ability of the seller and the lessee to perform the contract, and their credit enhancement measures. | | 第二十一条 金融租赁公司开展直接租赁业务时，应当区分是否现货交易，制定不同的审查要点和风控措施。对于非现货交易或受让订单等情形，金融租赁公司还应当重点审查租赁物建造进度、首付款比例、租赁物交付和所有权取得、融资租赁金额及租金支付频度、出卖人和承租人履约能力及其增信措施等要素。 |
| Article 22 When conducting the sale and leaseback business, a financial leasing company shall strengthen the examination of the eligibility of the leased property, the veracity of transfer of ownership of the leased property, and the veracity, legality, and rationality of the demands for the lessee's financing and use of the leased property, and prevent the lessee from misappropriating funds to prohibited or restricted fields. | | 第二十二条 金融租赁公司开展售后回租业务时，应当加强对租赁物适格性、租赁物所有权转移真实性、承租人融资和租赁物使用需求真实性、合法性和合理性的审查，防止承租人将资金挪用至禁止性、限制性领域。 |
| Article 23 When conducting the operating lease business, a financial leasing company shall, in addition to meeting the relevant requirements of Articles 21 and 22, focus on reviewing the value preservation ability and service life of the leased property, fully consider factors such as market risk, residual value risk, defect risk, risk of damage or loss, maintenance risk, risk of technological obsolescence and elimination, lease termination risk, and insurance arrangements of the leased property, and for the leased property that are greatly affected by the economic or industry cycle, it shall also make reasonable and effective risk response arrangements. | | 第二十三条 金融租赁公司开展经营性租赁业务时，除落实第二十一条、第二十二条相关要求外，还应当重点审查租赁物的保值能力及使用寿命，充分考虑租赁物的市场风险、残值风险、瑕疵风险、毁损灭失风险、维护风险、技术落后淘汰风险、退租风险以及保险安排等要素，对于受经济周期、行业周期影响较大的租赁物，还应当作出合理有效的风险应对安排。 |
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