CHINA: CRRC and Tianjin Trust Co have launched a financial leasing subsidiary with the aim of expanding the rolling stock manufacturing group’s export activities and supporting the government’s Belt & Road Initiative.

Target market sectors include high speed trainsets, high-power locomotives, wagons and urban rail vehicles.

CRRC Financial Leasing Co Ltd is registered in the Dongjiang Free Trade Port Zone at Tianjin, with an initial capital of 3bn yuan.

CRRC said it was the first financial leasing firm to be approved following the creation of the China Banking & Insurance Regulatory Commission last year.