On May 14, 2018, Ministry of Commerce (MOFCOM) of PRC announced that the regulatory authority of financial leasing industry, commercial factoring industry and pawn industry has been transferred from MOFCOM to the China Banking and Insurance Regulatory Commission (CBIRC).

Further to the announcement, the CBIRC has undertaken the role of establishing the operational rules and regulations of financial leasing, commercial factoring and the pawn industry since April 20th, 2018.