BEIJING, July 29 (Xinhua) -- China's leasing industry saw steady growth in 2018 with expanding revenue, an industrial report showed.

(File Photo: VCG)

The 44 selected financial leasing firms' assets totaled 2.7 trillion yuan (392.3 billion U.S. dollars) at the end of 2018, up 12 percent from a year ago, according to the latest annual analysis of leasing trends by global audit and consultancy firm KPMG.

The 39 equipment leasing samples' total assets surged 21 percent to 1.9 trillion yuan.

The average business revenue of equipment leasing firms rose 36 percent annually between 2014 and 2018, while that of financial leasing firms expanded 22 percent annually during the period.

The leasing sector recorded improving operating efficiency and stable profitability, according to the report.

However, the report warned that the sector should further enhance its risk control and asset management capacities, as the default rate at equipment leasing companies continues to climb.