China leasing industry expanding

China is well on its way to overtaking the US as the world's largest finance leasing market, with market value expected to grow at a pace of 50 percent annually and to exceed 5 trillion yuan ($807 billion) by 2017, according to industry forecasts.

Finance leasing, also known as capital leasing, relates to sectors such as aviation, maritime shipping, machinery, medical equipment and communications, as well as to infrastructure construction. Equipment is purchased by the lessor and payments are made by the lessee.

"China's financial leasing market is expected to grow at a pace of 50 percent annually, and the nation's total finance leasing market will exceed 5 trillion yuan in four years to 2017," Yang Haitian, leasing association chairman of the China Chamber of International Commerce, said on Wednesday at a forum.

As of the end of 2013, there were about 1,026 financial leasing companies across the nation, growing at a rate of 83.2 percent year-on-year, according to a report issued on Wednesday.

Leasing businesses will see great opportunities in coming years, Yang said.

Yu'ebao sizzles, despite official recognition

Alipay to issue online credit cards