On September 18, 2013, the Ministry of Commerce (“MOFCOM”) promulgated the Administrative Measures for the Supervision on Financing Leasing Enterprises (Shang Liu Tong Fa [2013] No. 337) (“Circular 337”), making further regulations for the supervision on financing leasing enterprises' business operations and operational risks. Circular 337 has been in effect since October 1, 2013.