19 17, Shanghai commercial savings bank established the trust department (later changed to the trust department), which began the history of China people independently operating the financial trust network.
19 18, Zhejiang Industrial Bank opened the trust-based safe deposit box leasing business.
19 19, Juxingcheng Bank Shanghai Branch set up a trust department to act as an agent for customers in transportation, warehousing, customs declaration and securities trading. These are the first three financial institutions in China to operate trust business, marking the beginning of modern trust industry in China. Since then, private banks have set up trust departments.
192 1 independent trust companies began to appear.
After the founding of New China, while taking over and transforming the old trust industry in China, it began to pilot a new financial trust industry. In the mid-1950s, the trust industry closed down.
1979 10, the head office of China Bank took the lead in setting up the trust consulting department. In the same year, China International Trust and Investment Corporation was established in Beijing.
1June, 980, according to the State Council's instructions on banks' trial trust, the People's Bank of China officially started the trust business. Subsequently, banks also began to try trust business to support economic union and revitalize the national economy. Since then, banks, ministries and local governments have set up trust and investment companies, reaching 1988, with as many as 745. At that time, the trust industry played an active role in attracting foreign investment, invigorating the local economy and acquiring wealth. However, due to various reasons, the trust and investment company has not really become an institution entrusted by people to manage money on their behalf, but has actually become a bank that absorbs deposits and issues loans. In addition, there are some problems in the development of trust companies, such as blind competition, disorderly organization, false capital and chaotic management, which bring great financial risks. Therefore,
1982, 1985 and 1988, the state carried out three major reorganizations of trust and investment companies, and merged a large number of institutions, which was reduced to 376 in 19 1 year. Clean up continuously from 1993.
By the end of 2003, there were 57 trust and investment companies with total assets of 257.9 billion yuan.