| Financial leasing was originated in the U.S.in the middle of 20th century,and introduced by Mr.Rong Yiren to China in 1981.As the means of funding integrated with trade and technical services,financial leasing plays a significant role in fostering the entity economy and development of the equipment manufacturing and small as well as medium enterprises(SMEs)finance.According to the data in China Financial Leasing Industry Report(2016-2017)① issued by the Department of Circulation Industry Development and the China International Electronic Commerce Center of the Ministry of Commerce of the PRC in August,2017,by the end of 2016,the number of registered financial leasing enterprises in China has reached 6,158,2,543 enterprises more than those in last year with a growth of 70.3%.Among those registered enterprises,204 enterprises are Chinese-funded pilot financial leasing enterprises,15 enterprises more than those in last year with a growth of 7.9%;5,954 enterprises are foreign-owned financial leasing enterprises,2,528 enterprises more than those in last year with a growth of 73.8%;Additionally,the nationwide registered capital of financial leasing enterprises has peaked at RMB 1922.37 billion in total with a year-on-year growth of 31.3%,which is almost 7 times compared with RMB 28.843 billion in 2013.By the end of 2016,the national asset size of financial leasing enterprises has exceeded two trillion.China’s financial leasing industry has developed rapidly in recent years,and the external policy environment has also constantly been optimized,resulted in remarkable development achievements.However,the legal system of financial leasing industry is not sound and the registration publication system of financial leasing is underdeveloped,so the rights of the Lessor cannot be effectively protected,from which an increase of risk in financial leasing transaction will have an adverse effect in the healthy development of the financial leasing industry.The Property Law of the People’s Republic of China(hereinafter referred to as Property Law)was issued and put into effect in 2007.Section six① of the Property Law stipulates the publication principles of property rights,in which the property rights of real property shall be disclosed by registration and the property rights of movable property shall be disclosed by delivery(possession).This paper focuses on the registration publication issue of the movable leasehold,as the registration system of real property has been highly developed.In a transaction of financial leasing,the Lessor has the ownership of the Leasehold,but the Leasehold is not possessed and used by the Lessor,under which the separation of the owner and the user of the Leasehold is the most distinctive characteristic in a relationship of financial leasing.This characteristic also makes the Lessor unable to demonstrate the ownership of the Leasehold by "possession",while the fact that the Lessee possesses the Leasehold is easy to create a false impression that the Lessee is the owner of the Leasehold,and the third party is unable to determine the real owner of the Leasehold simply by "possession".The third party may claim the ownership or other property rights of the Leasehold in accordance with the Bona Fide Acquisition Principle in Article 1060under the Property Law if the Lessee transfers the Leasehold to the third party or poses other encumbrance on the Leasehold without authorization,then the Lessor losses the proprietorship of the Leasehold.For the inadequate publication measure of "possession",the demandto protect the ownership of the Lessor by registration publication of the Leasehold was intensifying in the industry of financial leasing.Under such industrial background,the Credit Reference Center of the People’s Bank of China approved and set up the Financial Leasing Registration Publication System.On July 20,2009,the Financial Leasing Registration Publication System was officially launched and has provided the registration and inquiry services of financial leasing formally.The online operation of the Financial Leasing Registration Publication System is an intentional practice for the construction of the Registration Publication System of Financial Leasing.However,many issues still exist in the Registration Publication System of Financial Leasing to be solved for the underdevelopment of the legal system of financial leasing.This paper discusses the construction of the Registration System of Financial Leasing in China from the perspectives of fundamental theories of the Registration System of Financial Leasing and the required construction the Registration System of Financial Leasing.It composes of four chapters.The preface proposes the issue and introduces the main body of this article.Chapter One primarily concentrates on the basic theories of the Registration System of Financial Leasing,in which Section I introduces the concepts,characteristics and the Leasehold of financial leasing;Section II describes the fundamentals of theories of the Registration System of Financial Leasing;Chapter Two pays attention to the required construction on the Registration System of Financial Leasing,in which Section I analyzes the adverse impact of the underdeveloped Registration System of Financial Leasing in the industry of financial leasing by case study,and Section Ⅱ summaries the significance of constructing the Registration System of Financial Leasing;Chapter Three studies the current situation and issues of the Registration System of Financial Leasing in China,in which Section Ⅰ instructs the current situation of the Registration System of Financial Leasing in China;Section Ⅱ inspects the existing issues of the Registration System of Financial Leasing in China;Chapter Four provides the opinions on developing the Registration System of Financial Leasing,in which Section Ⅰ advises to promptly formulate a financial leasing law to provide legal basis for the Registration of Financial Leasing,and Section Ⅱ offers recommendations on developing the Registration Regulations ofFinancial Leasing.Chapter Four is the conclusive part as the streamlined summary for the whole article. |
