Open Governance
New Progress in Financial Innovation of the Sichuan Pilot Free Trade Zone -The First "Bonded + Leased" Aircraft to Enter Sichuan during the Month

"You’ve come just in time. Something big just happened." On May 13rd, upon the reporter’s arrival at the Free Trade Service Center of Chengdu Shuangliu Airport, Li Liang, Deputy Director of Chengdu Tianfu New Area (Shuangliu) Administration of China (Sichuan) Pilot Free Trade Zone, revealed that the first bonded leasing aircraft will land in Sichuan Shuangliu International Airport this month.

Li Liang revealed that the aircraft was financed and leased by Sichuan Airlines and Sichuan Jinshi Leasing Corporation, and its model was A330-200. The official landing means that the Sichuan Pilot Free Trade Zone and even the entire Sichuan Province have achieved something out of nothing in terms of “bonded + leased” aircraft financing. This breakthrough marks a new progress in financial innovation and has an industrial driving effect on the reform and innovation of the Sichuan Pilot Free Trade Zone.

Aircraft leasing serves as a bridge between aerospace manufacturing, air transport and the financial industry, and represents the top of the aviation and financial leasing industry. In foreign countries, more than 80% of aircraft in most airlines are introduced through financial leasing. A on-site staff member introduced that the “bonded + leased” aircraft financing and leasing model in the Sichuan Pilot Free Trade Zone not only reduced the burden on airlines and leasing companies, but also eased the pressure on leasing companies who need to pay large sum of customs duties. “This move will allow airlines and financial leasing companies to lighten their assets and function worry-free, which will help boost the development of the Sichuan aviation industry.”

According to the Overall Plan for China (Sichuan) Pilot Free Trade Zone, the Sichuan Pilot Free Trade Zone should deepen the reform and innovation in the financial sector. One of its important tasks is to develop emerging financial formats to support eligible Mainland, Hong Kong, Macao and Taiwan institutions in establishing financial leasing companies in the zone and in doing businesses with the zone in the fields of aircraft, ships, and their relevant parts and components.

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