Jiangsu Financial Leasing Co., Ltd. and NP Paribas Lease Group SA is planning to team up to establish a joint venture in Nanjing called Jiangsu NP Paribas Agricultural Equipment Financial Leasing Co., Ltd. It’s an important milestone because it’s the first approved sino-foreign joint venture financial leasing company in China, specifically focusing on the agricultural and scientific and technological industries.

With 1 billion Yuan in registered capital, this new company will help farmers, small and medium-sized businesses, and top-tier agricultural and tech equipment makers get the equipment they need by providing financial support.

Nanjing already has a strong financial scene, with over 1,100 businesses in the mix. Ranked 63rd globally in the 35th Global Financial Center Index (GFCI 35), Nanjing plans to bring in more top-performing financial players to boost its status even further. This move is all part of the plan to make Nanjing a major player in industrial science and technology innovation in China.