Analysis on the establishment of financial leasing companies

The central bank recently released the "Statistical Data Report on the Incremental Scale of Social Financing in the First Quarter of 2025"(Referred to as "Social Finance Report")show，The cumulative increase in social financing scale in the first quarter was 5.58 trillion yuan，1.33 trillion yuan less than the same period last year。Industry insiders pointed out，The reason for the decline in the scale of social financing is mainly due to the compression of off-balance sheet financing channels，And this trend will not change at present.。

At present, many companies with financing difficulties will turn to other channels such as financial leasing companies to seek funds.。 Analysis of the decline in social financing in the first quarter and the establishment of financial leasing companies. “It has been difficult to find money from banks recently.。"An asset management person from a securities firm said frankly，this year，Although the financial balance has been maintained tight,，But as banks tighten their off-balance sheet financial management，Brokerage Asset Management、Trusts and other institutions generally have difficulty raising funds。

A banker said，In the past, banks often ran out of money.，And now with the non-standard、Compression of real estate financing，Funds in the company's balance sheet can be invested normally，However, the investment direction of off-balance sheet financial management funds is gradually decreasing.。 The central bank's "Social Finance Report" also reflects this trend，Data display，2025The cumulative increase in social financing scale in the first quarter of this year was 5.58 trillion yuan.，1.33 trillion yuan less than the same period last year。

in，RMB loans extended to the real economy increased by 4.85 trillion yuan，An increase of 343.8 billion yuan year-on-year；Foreign currency loans issued to the real economy increased by 49.2 billion yuan equivalent to RMB，A year-on-year decrease of 29 billion yuan；Entrusted loans decreased by 331.4 billion yuan，A year-on-year decrease of 966.1 billion yuan；Trust loans increased by 75.8 billion yuan，A year-on-year decrease of 659.1 billion yuan；Undiscounted bank acceptance bills increased by 122.1 billion yuan，A year-on-year decrease of 558.1 billion yuan；Net corporate bond financing reached 537.1 billion yuan，687.7 billion yuan more than the same period last year；Domestic equity financing of non-financial enterprises reached 128.3 billion yuan，131.3 billion yuan less than the same period last year。

3The monthly increase in social financing scale was 1.33 trillion yuan，786.3 billion yuan less than the same period last year。

From a structural point of view，RMB loans issued to the real economy in the first quarter accounted for 86.9% of social financing in the same period，21.7 percentage points higher than the same period last year；Foreign currency loans issued to the real economy accounted for 0.9% in RMB equivalent，0.2 percentage points lower than the same period last year；Proportion of entrusted loans -5.9%，15.1 percentage points lower than the same period last year；Trust loans account for 1.4%，9.2 percentage points lower than the same period last year；Undiscounted bank acceptance bills accounted for 2.2%，7.6 percentage points lower than the same period last year；Corporate bonds account for 9.6%，11.8 percentage points higher than the same period last year；Domestic stock financing of non-financial enterprises accounted for 2.3%，1.5 percentage points lower than the same period last year。

Credit is expected to remain stable, industry insiders pointed out，The reduction in the scale of social financing was mainly caused by trust loans、Due to the shrinkage of off-balance sheet financing channels such as entrusted loans。Since the China Banking Regulatory Commission issued the "Commercial Bank Entrusted Loan Management Measures" in early 2025,，The scale of entrusted loans from January to March this year was 13.89 trillion.、13.82trillion and 13.63 trillion yuan，Showing a downward trend month-on-month。

Senior trust researcher Yuan Jiwei believes that，The decline in the scale of entrusted loans is mainly due to the relatively large number of channel businesses in the past.，The scale has declined after removing the channel。The current regulatory approach is to “block side doors”、Open the front door"，Shift asset management business similar to shadow banking to formal credit or corporate bonds，Because credit can be assessed through tools such as MPA，This is more standardized，And policies also encourage the development of direct financing。

The above-mentioned securities firm and asset management personnel stated that，The company's previous funding sources mainly relied on outsourced funds from small and medium-sized banks.，But in the context of deleveraging in the financial industry，Interbank liabilities of small and medium-sized banks shrink，This in turn led to a reduction in the scale of its outsourcing。 When talking about the development trend of social financing scale in the future,，Pan Xiangdong, chief economist of New Era Securities, believes that，In the context of switching off-balance sheet financing to on-balance sheet，Increased importance of credit in financing，Credit is expected to continue to be provided steadily in the later period。

"Loose money、tight credit，Maybe throughout 2025。"He said，on the one hand，Continue structural deleveraging through tightening credit，Restrict financing for highly leveraged companies，Regulate government financing，Suppress the rapid rise in residents’ leverage ratio；on the other hand，Moderately tight monetary conditions can reduce corporate financing costs，It is also conducive to inclusive finance、Green finance “makes up for weaknesses”。

Yuan Jiwei said，In the future, social financing will be based on the two major systems of bank credit and bond financing.，However, although trust-based asset management claims and non-standard financing in off-balance sheet business will shrink,，But the whole will not disappear，Because this type of financing method has its own space for survival in social financing，Able to achieve some structural designs that cannot be achieved with credit and bonds，And can meet the special needs of the tool side

Require

。

He suggested that in the future financial institutions should use their own

Advantages

make fine、Make it fine，Develop in a more professional direction。

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