On May 18, the 2022 annual meeting of China's trust industry was held online. Xiao Yuanqi, member of the Party committee and vice chairman of the China Banking and Insurance Regulatory Commission, said at the meeting that the successful transformation of the trust industry in the future must rely on the initiative and joint efforts of the whole industry.
"Whether the trust industry can achieve long-term and healthy development in the future depends on whether the trust industry can play an irreplaceable or even irreplaceable function in the financial system, and whether the trust company can rely on its own professional ability and reputation to win the trust of the client. Only when the client has confidence in the trust industry and trust in the trust company, will the property be entrusted to the trust company for management." Xiao Yuanqi said.
At the same time, he further pointed out that in order to promote the smooth transformation and development of the trust industry, we should do a good job in two aspects: one is to classify the trust business scientifically. The trust business is divided into three categories: asset management trust, asset service trust and public welfare / charity trust, and further subdivided on this basis. Clarify the boundaries of different trust businesses through scientific classification, and make the expression of different trust businesses easier to understand and concise, so as to facilitate the understanding of the whole society, especially the trust trustor. Second, study and implement the classified supervision of trust companies. It is preliminarily considered to carry out differentiated supervision on trust companies in terms of business scope and exhibition region according to their regulatory rating, resource endowment, entrusted management and risk resistance, so as to encourage trust companies to take the road of differentiated and characteristic development.
In addition, the meeting held that the current trust market demand is strong, and the trust industry has great development space in the future. The trust industry will keep the risk bottom line, unswervingly promote the transformation, modify and improve the system and mechanism, and realize the high-quality development of the industry.
