Since 1979, China's trust industry has experienced three stages of development: planned economy, planned and market mixed economy and market economy. Therefore, the development of China's trust industry can be basically understood as three stages, namely, the recovery and expansion stage (1979- 1992), the rectification stage (1993-200 1) and the standardization stage (from 2002 to now).
Extended data:
(1) After six major rectifications
Trust industry in China started in Shanghai (China Trading Trust Company was established in 192 1), but due to the planned economic system, trust business did not develop during 1949- 1978. 1979 resumed trust business in China. In June 5438+00 of the same year, the first trust institution in China (China International Trust and Investment Company) was established, and then trust companies were established one after another. At the peak of 1988, there were even more than 1000.
However, before 2 1 century, there was no unified trust law in China (it was promulgated only in 200 1 year), which led to the development of trust industry in China was always in a disorderly state. Before 200 1, the trust industry experienced five major rectifications, and 200 1-2007 was the stage of normative adjustment. After 2007, the trust industry continued to deepen cooperation with banks.
(2) There is no bank and no trust.
In the early stage of development, the positioning of trust industry in China was relatively unclear. Basically, they are engaged in bank credit business in disguise, and there are very few trust companies that really engage in trust business.
On the whole, every rapid development of the trust industry is inseparable from cooperation with banks, including capital market allocation, real estate and political trust cooperation, wealth management cooperation, and using trust advantages to help banks evade supervision.
During this period, banks and trusts encouraged and encouraged each other and constantly carried out financial innovation, which not only helped the development of banks, but also ushered in the development opportunities of trust industry again and again, and the scale of trust industry also increased greatly. Bank-trust cooperation has become the most dazzling innovative business in the financial industry.
(C) The regulatory process is full of ups and downs
In 2003, after the CBRC took over the supervision power of trust companies, it began to reshape the supervision structure. In 2007, the China Banking Regulatory Commission issued two new regulations (together with the trust law, called "one law and two regulations"), which gradually put the business development of trust companies on the right track. Later, it coincided with the big bull market in 2006-2007, the financial crisis in 2008 and the 4 trillion stimulus plan in 2008-2009, and the cooperation between banks and trust companies gained room for development.
During this period, due to the control of bank credit scale and the rapid growth of off-balance-sheet business demand, capital construction business such as fund-raising business (two bull markets), political trust business, real estate business (from credit scale control, etc. ) and the channel business of wealth management funds issuing loans through trusts began to develop substantially.
Of course, while the business continues to develop, the risks have also increased significantly. Since 20 10, CBRC has issued relevant policies to restrict it, but the natural business advantages of trust companies can always open a new round of business development space for them.
Of course, this mode of cooperation within the banking supervision system makes the CSRC and the CIRC envious. After 20 12, the institutions under the CSRC system also copied the trust business model and developed rapidly. The CIRC also issued relevant policies to liberalize the insurance asset management business.
During the five years from 20 12 to 20 17, the shadow banking business with large asset management business gave birth to various business types, which also led to the official start of strong financial supervision and deleveraging in 20 17.
Since the beginning of 20 17, the trust industry is facing increasingly severe supervision, and the unification of financial supervision is the general trend, and returning to the source is becoming the direction of efforts of various trust institutions.