China issues rules to clean up troubled $577 billion financial leasing sector
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BEIJING (Reuters) - China issued draft rules to tighten oversight of its financial leasing sector, which has total assets of more than 4 trillion yuan (440.64 billion pounds), in its latest effort to curb financial risks. The country had 10,900 leasing firms as of the end of June last year, but 72% were shell companies or had halted their business, the China Banking and Insurance Regulatory Commission (CBIRC) said in a statement on its website on Wednesday.The new draft rules require leasing..