Since 2007, China's financial leasing industry has witnessed a rapid development, mainly driven by the following three factors.

Supervision plays an essential role in the development of China's financial leasing industry.

In order to promote the sound development of financial institutions, prevent and relieve regional financial risks, the efficiency of local financial regulation must be improved continuously.

The Japanese government exercised a rather strict regulation on financial sectors.

In the 1960s, South Korea launched the economic growth mode driven by State-owned economy.

This paper holds that moderate contraction of social financing scale in the new normal is considered reasonable.

Financial reform in Wenzhou has made much progress and gained some experience since it was launched.

The purpose of this paper is to make clear the negative effect mechanism yielded by the finance system with an extractive feature on innovation and economic growth.