Lujiazui is currently home to 214 financial leasing companies, four of which make the list of China's top 10 companies. [Photo provided to chinadaily.com.cn]

Financial leasing in Lujiazui Financial District in Pudong, Shanghai has witnessed rapid growth in recent years, according to a local news report.

According to statistics, Lujiazui is currently home to 214 financial leasing companies with total assets of more than 1 trillion yuan ($149.2 billion), accounting for one sixth of the national total. Among them, four made the list of China's top 10 companies, and five have total assets of more than 100 billion yuan.

Bolstered by the nation's strategy to promote the development of the financial leasing industry, Lujiazui has rolled out an array of favourable policies over the past five years and has become a hotbed for investment in financial leasing companies such as Far Eastern Leasing, Ping An Leasing and Bocomm Leasing, with the assets of the three companies exceeding 200 billion yuan.

Financial leasing companies in the district contributed nearly 5.6 billion yuan in tax revenue last year, accounting for nearly half of the tax revenue produced by the leasing industry in Shanghai.

In response to the COVID-19 epidemic this year, the local government issued supportive measures to hedge against the negative effects of the epidemic and promote economic recovery.

With the support of the local government, Porsche invested 197 million yuan to set up its financial leasing company in Lujiazui in September.

Local authorities said that the improved industrial ecology has contributed to the booming financial leasing industry in Lujiazui. Over the past several years, Lujiazui has focused on optimizing its business environment for the development of financial leasing, and a series of supportive measures have been introduced to complete its industrial ecosphere, aiming to turn it into a gathering ground for financial leasing companies.

Lujiazui is expected to become home to 300 financial leasing companies with total assets of more than 2 trillion yuan by the end of 2025.