What do you know about trust?

From 65438 to 0979, when the first trust and investment company in New China was established, the trust industry in China experienced several ups and downs and five major industry rectifications, which was unprecedented in any other financial industry. Fortunately, after twists and turns, the trust industry in China has ushered in a new period of vigorous development. The establishment of china trustee association is an important symbol of the standardized development of trust industry in China.

First, learn from the "dislocation" and look at the development process of China's trust industry in the first 20 years dialectically and historically.

From 1979 to 1999, the tortuous development of the trust industry in these twenty years is not accidental, but bears a distinct brand of the times. At the beginning of reform and opening up, public ownership was absolutely dominant, property rights were single, social wealth was extremely limited, the market was just beginning to sprout, and trusts characterized by property management did not have the premise of existence and development. However, at that time, the market was just emerging, the demand for funds was strong, there were too few banks and financial institutions, and the business was single. There was an urgent need for more flexible financial institutions to meet this demand and expand financing channels. It can be seen that the emergence of trust industry has its objective and economic basis. If we can't see this, we can't look at the tortuous development history of China's trust industry dialectically and historically, and it is one-sided to think that the trust system is not applicable to China. The problem is "dislocation". The last reorganization, that is, the fifth reorganization of 1999, adapted to the new historical conditions, and began to "return to its place" and become a real trust in the case of diversified financial system and financing channels.

From the practice of these twenty years, we have gained many experiences and lessons. There are mainly the following aspects:

(1) Diversified social wealth accumulation and the popularization of trust concept are the market basis for the development of trust industry.

As a professional financial management institution, trust and investment companies inherit and manage property in the form of trust services. A basic premise of its development is the extensive accumulation of social wealth and the diversification of wealth subjects. If social wealth is scarce, or only owned by the state or individual subjects, it is impossible to generate trust demand. At the same time, the development of trust industry can not be separated from the social recognition and acceptance of this system, or the establishment of trust culture. In contrast, in the nearly 20 years since the trust industry in China resumed development, the above conditions have not been met, which is the socio-economic root of the lagging development of trust industry in China.

(B) The development of the trust industry must be based on a reasonable business orientation.

The essence of trust is a property inheritance and management system, so the positioning of trust industry must also revolve around this essential feature. If the policy design is not based on the rules of the business itself, but too much consideration is given to short-term and transitional goals, it will inevitably lead to a serious dislocation of the positioning of trust and investment companies.

(3) The development of the trust industry cannot be separated from good operating rules and trust legal environment.

The ups and downs of the trust industry in China are not unrelated to the lack of operating rules and regulatory laws of the trust industry. This not only leads to frequent violations of laws and regulations by trust companies, but also affects the social reputation of the trust industry to a great extent and damages the trust foundation for the development of trust business.

Second, explore a new development model in "homing"-correctly evaluate the changes that have taken place after the fifth rectification.

Thanks to the experience and lessons of the previous four trust reorganizations, the fifth trust reorganization with the theme of trust return has achieved remarkable results after six years of efforts.

First of all, on the basis of the return of the trust industry, a framework of trust supervision laws and regulations based on the Trust Law, the Measures for the Administration of Trust and Investment Companies and the Measures for the Administration of Funds of Trust and Investment Companies has been formed, and supporting systems related to the normal operation of trust functions such as trust accounting system and trust special account system have been introduced one after another. On this basis, the business scope of trust and investment companies with fund trust, property trust and charity trust as their core businesses has been basically established, which has laid a solid institutional foundation for the development of trust industry after its return to its original position.

Secondly, on the basis of classified disposal and separate operation of trusts, most of the original trust and investment companies withdrew from the trust industry through closure and reorganization. Only some trust and investment companies with good operating performance, perfect internal control and strong market competitiveness were retained, and re-registered on the basis of writing off bad debts, replenishing capital and introducing talents, initially forming a professional financial management team, which provided organizational preparations for the re-emergence of the trust industry in China.

Third, the re-registered trust and investment companies seized the historical opportunity of rapid accumulation of social wealth and deepening of property rights reform after 20 years of reform and opening up in China, took advantage of the isolation of bankruptcy risk of trust financing and the flexible use of funds, made positive progress and constantly innovated, and launched a large number of trust financing products that met the social and economic needs, which played a positive role in promoting the reform of state-owned enterprises and guiding the transformation of residents' savings into industrial investment.

Fourthly, how to correctly treat and solve the new problems in the trust industry after its return is our important task.

As the perfection of trust laws and regulations and the deepening and popularization of trust concepts are gradual processes, some new problems inevitably appear in the process of China's trust industry gradually returning to this industry, mainly in the following three aspects: First, violations of trust and investment companies still occur from time to time. Second, the private placement of trust business can not achieve the large-scale development of trust products. Third, due to the narrow trust market and fierce competition, the trust business income is meager.

The problems in the process of the return of the trust industry are not the problems in our direction. It is a correct way for the trust industry to return to its own industry, and it must be unswervingly adhered to.

Thirdly, from the height of perfecting China's financial market, further clarify the positioning of China's trust industry and promote its development.

Trust, as a financial tool, has two unique characteristics, namely, its unique bankruptcy risk isolation function in the field of property management, and the financing characteristics of flexible arrangement, direct financing and indirect financing in various forms such as loans, investments and leases. Due to these two characteristics, the trust industry can play a vital role in the financial system as a connector and lubricant between indirect financing and direct financing, and between money market and capital market.

To promote the development of the trust industry in China, we should first improve the corporate governance mechanism of the trust industry, gradually enhance the reputation of the trust industry in China, appropriately adjust the business scope and business model of the trust industry, and launch popular trust businesses such as annuity trust and asset securitization trust which have been proved to be effective in foreign practice as soon as possible, so as to realize the benign interaction between the development of the trust industry in China and the improvement of the economic and financial system. This will be the cornerstone to determine whether the trust industry in China can develop continuously and stably in the future.

(1) Further increase the opening up of the trust industry, extensively introduce domestic and foreign strategic investors, effectively enhance the capital strength of trust and investment companies, effectively improve the corporate governance mechanism and internal control system of trust and investment companies, and significantly enhance the credit base and market reputation of trust and investment companies.

(2) We should gradually adjust the business scope of the trust industry and build a trust business model based on popular trust businesses such as enterprise annuity trust business, employee stock ownership trust business and asset securitization trust business.

(3) Guiding trusts to play an active role in promoting the development of public welfare undertakings.

Guiding trusts to play an active role in helping the poor and developing education, science, culture and health, constantly designing charitable trusts and using charitable trusts to promote the development of public welfare undertakings are not only in line with the direction of China's social and economic development, but also conducive to enhancing the social image of China's trust industry, which deserves great encouragement.

In addition, trust is also useful in improving infrastructure investment in China and promoting the stable development of pillar industries such as real estate, such as developing real estate investment trusts (REITs) business, and so on. In a word, trust, as a unique property inheritance and management system, has a broad development space in China. The only thing that the trust industry in China needs to work hard is how to turn endless possibilities into reality, which is both an opportunity and a challenge for the trust industry in China and every financial participant in China.

The China Trust Association was established at the right time. I believe that in the face of such an unprecedented opportunity and challenge, china trustee association will surely shoulder the historical mission and promote the trust industry in China to play a greater role in the economic and financial development of China.