Factoring companies are financial institutions. It is understood that the Ministry of Commerce issued an announcement on May 20 18 18, assigning the responsibilities of business operation and regulatory rules of commercial factoring companies to the Bank of China Insurance Regulatory Commission. Since April 20th, the relevant duties have been performed by China Banking Regulatory Commission.
In addition, microfinance companies, financing guarantee companies, regional equity markets, pawn shops, financial leasing companies and local asset management companies are also financial institutions.