TIANJIN -- China's financial leasing industry has reported rapid growth in recent years, as the total assets of the country's 17 financial leasing companies jumped to 364 billion yuan ($56 billion) at the end of March this year, an increase of 25 fold from 2007, a senior banking official said on Wednesday.

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Net profits of the companies increased 39 fold from 2007 to 1.32 billion yuan at the end of March, while their non-performing asset ratio stood at 0.49 percent, Cai Esheng, vice-chairman of the Chinese Banking Regulatory Commission, said at a forum held in north China's port city of Tianjin.

The companies had invested 38.14 billion yuan, 33.71 billion yuan and 192.48 billion yuan in the aircraft, shipping and professional equipment sectors at the end of March, Cai said.

Despite fast development in the country's financial leasing industry, its products were still simple and identical to those of banks, Cai said.

As one of the most important financing tools in the modern business world, financial leasing should find its niche market to provide better services for customers, he added.

The industry needs to enhance its core competitiveness by intensifying product innovation and strengthening risk management, Cai noted.