On June 29, 2018, the official website of the China Banking and Insurance Regulatory Commission issued the "Management Measures for Financial Asset Investment Companies (Trial)" (Order No. 4 of the China Banking and Insurance Regulatory Commission in 2018), which further standardized the business behavior of financial asset investment companies and clarified the business scope and model of debt-to-equity swaps。

       Financial leasing business is a kind of credit form that replaces financing with financial property, which is closely connected with financing. It has dual functions of financial property and financing。In terms of form, financial leasing can be divided into direct financial leasing and sale and leaseback。The financial leasing business has the functions of driving fixed asset investment, invigorating the asset financing of small and medium-sized enterprises, and reducing the leverage ratio of enterprises, which is of great significance for driving fixed asset investment, deleveraging, and guiding funds from virtual to real。

       Since China began to implement the PPP model in 2014, the scale of PPP projects has expanded rapidly with the strong support of national policies。According to the March 2018 report of the National PPP Comprehensive Information Platform project management Library, as of the first quarter of 2018, the management library had a total of 3,324 projects and an investment of 5.5 trillion yuan, landing rate of 44.8%。The achievement of the above achievements cannot be separated from the active participation of social capital, especially the construction central enterprises, and the support of financial institutions, especially the support of financial institutions for the capital financing of PPP projects。

       According to the business type, AMC is divided into financial asset management companies and non-financial asset management companies。A financial asset management company is a licensed company approved by The State Council to deal exclusively with the non-performing assets of financial institutions, and its main business scope is to manage and dispose of non-performing assets。

       In August 2017, The State Council promulgated the Regulations on the Supervision and Administration of Financing Guarantee Companies (Decree No. 683 of The State Council of the People's Republic of China, hereinafter referred to as the "Regulations"), which came into effect on October 1, 2017。The Regulations clarify the supervision and management system of financing guarantee companies，The hierarchical regulatory responsibilities of the central and local governments have been strengthened，Moreover, the entry conditions required for the establishment of the financing guarantee company and the cross-regional branch company, the exit mechanism of the financing guarantee company, the operating rules of the financing guarantee company's business and the legal responsibilities it bears are clearly stipulated。In addition, the Regulations are strong...

       April 27, 2018，The Ministry of Finance issued the Notice of the Ministry of Finance on Further Strengthening the Standardized Management of Public-Private Capital Cooperation (PPP) Demonstration Projects (Finance (2018) No. 54)，The classification of 173 demonstration projects with verification problems was published，It also put forward the requirements of consolidating the preliminary work of the project, earnestly fulfilling the procurement procedure, strictly examining the contracting subject, eliminating illegal phenomena, and strengthening the supervision of project performance，It is intended to further strengthen the standardized management of PPP demonstration projects。

       March 28, 2018，The Ministry of Finance issued the Notice on Regulating the Investment and Financing Behaviors of Financial Enterprises to Local Governments and State-owned Enterprises (Finance [2018] No. 23)，It aims to regulate the investment and financing behavior of financial enterprises to local governments and state-owned enterprises，Form synergy with local government debt management and other policies，We will jointly guard against and defuse local government debt risks。