The financial leasing arms of the Bank of Communications and China Merchants Bank?Sunday set up six special purpose vehicles which will lease aircraft and ships at low risk in the Shanghai Comprehensive Free Trade Zone.

The launch of the six SPVs with a total registered capital of 30 million yuan (US$4.4 million) makes the comprehensive zone the first in the country to operate shipping and aviation services using SPVs, an official said. The zone comprises three free-trade zones - Waigaoqiao, Yangshan Deep-Water Port and Pudong International Airport.

"The financial leasing SPV will help boost Shanghai into an international shipping and financial center," said Tu Guangshao, vice mayor of Shanghai in charge of the city's financial industry development.

BoCom set up two SPVs for ship and aircraft leasing while CMB formed four SPVs for aircraft leasing. The ship-leasing SPV is the first in the country, according to officials.

The SPVs registered in the free-trade zone can enjoy favorable policies such as being exempted from value-added tax, Dai Haibo, deputy director of Pudong New Area, said.

"More SPVs providing different kinds of services including leasing of trains, large equipment and medical devices will be introduced into the zone in the future," said Jian Danian, deputy director of the Shanghai Free Trade Zone Administration.