On January 31, Guangdong Commercial Factoring Association held the first membership meeting in Guangzhou, indicating the official establishment of the self-discipline organization of the commercial factoring sector of Guangdong Province. This is also the first provincial commercial factoring association of China. At the meeting, Guangdong Province Commercial Factoring Development Report 2014 was released.

Guangdong has the largest number of commercial factoring enterprises of China. As of the end of December 2014, Guangdong has 732 registered commercial factoring enterprises as legal entities, and 14 branches, accounting for nearly 2/3 of the total number of registered commercial factoring enterprises of China. The total registered capital exceeded RMB55.5 billion.

Song Yanmin, secretary-general of Guangdong Commercial Factoring Association, published the Guangdong Province Commercial Factoring Development Report 2014 on behalf of the association. The report shows that the total factoring businesses in 2014 reached about RMB35 billion, and the business balance about RMB10 billion. The business sized increased by more than four times compared with that in 2013.

Source: Nanfang Daily, February 1, 2015