Chongqing Aviation Financial Leasing Company recently signed a 100 million yuan ($15.6 million) contract with Xinjiang General Aviation Company, liangjiang.gov.cn reported.

The contract is the first aircraft leasing contract for the Chongqing company and is expected to drive the infrastructure construction, manufacture and operation of the aviation industry in Chongqing.

According to the contract, two PC-12 aircraft will be delivered to Xinjiang General Aviation in April and June next year, with a leasing period of five years.

Leasing enables companies to acquire the right of use of airplanes and thus meet the people’s need for aviation without purchasing the aircraft.

Chongqing Aviation Financial Leasing Company aims to promote the manufacturing industry via the leasing industry and accelerate industrial transformation and updating.

The Chongqing Aviation Financial Leasing Company was established on Aug 20, 2015, with a registered capital of 300 million yuan. Its main business includes leasing of aircrafts, parts, FBO and aviation materials.

Xinjiang General Aviation had 155,000 flight hours by the end of 2014. It has flights to cities and counties in the entire Xinjiang and the 28 provinces in the Chinese mainland. With development of the past 32 years, it ranks third in the general aviation field in China and is playing an increasingly important part in the Belt and Road initiative.