Financial leasing company sets up in Tianjin

China Minsheng International Financial Leasing opened for business on Tuesday in the North China coastal city of Tianjin.

The company was set up by China Minsheng Investment Co Ltd and Hana Bank with initial capital of 3 billion yuan ($483 million).

"Financial leasing is important to modern enterprises and the company has excellent prospects," Li Huaizhen, president of China Minsheng Investment Co Ltd, said.

China Minsheng International Financial Leasing plans to invest in the aviation industry, shipping and new energy sectors as part of the government's Belt and Road Initiatives.

The Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives were put forward by President Xi Jinping in 2013, with the purpose of rejuvenating the two ancient trading routes and further opening up the markets.