China Taiping Insurance Group and China Petrochemical Corp (Sinopec), China’s largest oil refiner, have set up the first financial leasing company headquartered in Shanghai’s free trade zone (FTZ). Taiping-Sinopec Financial Leasing Co has a registered capital of CNY5 billion, making it the strongest-funded leasing company in Shanghai. It is the 26th financial leasing company approved by the China Banking Regulatory Commission (CBRC). The FTZ this year relaxed rules for leasing companies in terms of using foreign exchange, receiving cross-border funding, setting up subsidiaries and conducting cross-border services. Taiping Insurance Group is the only state-owned insurance company headquartered in Hong Kong with operations both onshore and offshore.