Every hot review 丨 Trust industry picks up the brilliant cycle of glory

In the first quarter of this year, the total assets of the trust industry and the total ownership of the owner's equity increased year -on -year, reflecting the overall trend of the industry's capital strength and rising.

From the perspective of the total assets, the end of the first quarter of this year reached 868.746 billion yuan, a year -on -year increase of 5.74%; although it decreased by 0.75%month -on -month, it met the normal seasonal fluctuation characteristics. From the perspective of the total equity of the owner, at the end of the first quarter, it reached 71.103 billion yuan, an increase of 4.16%year -on -year, and an increase of 1.09%month -on -month. It is worth mentioning that since 2010, the total assets in the industry and the total ownership of the owner's equity have maintained a continuous year -on -year growth trend, and the industry's capital strength has continued to increase.

At present, although the scale of trust assets is stable, the structure of the trust assets is steadily facing. In the long run, through further strengthening the transformation of the trust industry, through further compliance operations and preventing and controlling financial risks, the industry can be expected in the future in the future. Essence

Since the "one line, two sessions, one bureau" in 2018 jointly released the "New Regulations for Asset Management" ("Guiding Opinions on Regulating the Asset Management Business of Financial Institutions"), the scale of trust asset management has dropped from the peak of 2.625 trillion yuan in 2017 to the peak value to the peak value to the peak value of 2.625 trillion yuan to the peak value to the peak value to to the peak value of 2.625 trillion yuan to the peak value to to the peak value of 2.625 trillion yuan. In 2020, 2.049 trillion yuan, the scale continued to decline in three years. After the release of the "New Regulations for Asset Management", the original business of the trust industry was severely impacted, the scale of the scale of real estate trust and channel business, and the requirements of breaking the rigid and prohibited capital pools, which made each trust company experience the pain and pain and pain. Business adjustments, and even many trust companies have made multiple products "thunder".

The author believes that if there is no "new regulations for asset management", the current development of the trust company either has from a new peak to collapse, or it has collapsed, or systemic risks have been generated. Simply put, the "new rules of asset management" further promote the financial service entity and allow the trust industry that looks booming in the early stage to squeeze some infinite bubbles in advance. This is also a relatively long process of cleaning up, shuffling, and rectification.

In recent years, many trust companies have eaten a lot of fines due to compliance issues. The problems that have occurred can be described as a variety of problems. It is also because of compliance issues that some trust companies' products "explosion thunder", because the "new rules of asset management" have strictly supervised and restricted the channel business, and also requires financial institutions The accounts and accounting management of accounts are also required to rectify the funding pool with shadow banking, which has brought difficulties to the trust company.

From a different perspective, this difficulty also reflects that in order to facilitate the convenience of the trust industry, it has achieved the corresponding purpose through some "gray" methods, that is, in order to slow down a risk and regardless of another risk accumulation. Fortunately, the new risk has not yet expanded. Although the new regulations bring certain "pain", the industry has less risks in terms of standardized operation.

How to carry out compliance business? The author believes that the formulation of the rules requires how to carry out compliance business and how to carry out compliance business. Of course, in many cases, "law cannot be prohibited", "drilling the empty" and walking "gray zone" is an inevitable, but in the future, the financial industry must have a new round, update, and continuous strict steady streamlined strict sources. Supervisor is going to be carried out, and the "gray zone" that is not prohibited now may gradually be banned, closed, and restricted.

If "drilling the empty" becomes a habit, and another series of new regulations, it is estimated that the industry will experience "pain" again. In other words, if it is considered in the long run, drilling less various empty, and honestly conducts trust operations in accordance with the requirements of regulatory requirements. The size of the asset scale and the profit received in the future may not be too large, but it can ensure that the trust company can ensure that the trust company can be guaranteed High -quality development. From the short -term consideration, with the main purpose of rapid profitability, boldly testing the red line edge on the edge of the red line under the requirements of supervision, maybe there will be "surprise" first, then "habit", and finally "pain".

As the saying goes, "Those who walk a hundred miles of a hundred miles", in fact, any industry or any company should follow the corresponding laws and regulations with the same laws and regulations.

Specific to different trust companies, the compliance business needs to combine its own reality. During the transition period, I believe that each trust company can find the problems existing under the strict supervision of the "new asset management regulations" from the actual business, including but not limited to the ability of talent teams, unreasonable trust product design, pledged materials for pledges Poor situations are frequent, investors are dissatisfied with investment returns, etc. These issues need to analyze and discuss in accordance with the actual business.

Any market -oriented industry may have the situation of "30 years of Hedong and 30 years". In the context of the current overall economic environment, trust companies should do a good job of compliance operations and risk prevention. Only in this way can we go longer, lasting, and more stable.

In the short term, after the launch of the "New Regulations for Asset Management", on the surface, it may limit the development of the trust industry. In fact, it is to take the trust industry one step in advance to avoid the industry's fall into the "deep pit". For example, after the introduction of the new regulations, the number of risk projects in my country's trust industry has risen sharply, which seems to have intensified risks. In fact, under the guidance of the new policy, the trust company uses a stricter standard to make stricter risk control management of the corresponding products, so as to use it to use it to manage the products. A more compliant management method shows that the trust company attaches great importance to and strict control under the requirements of policy requirements.

Trust is not short in development in my country, but not many people know trusts, mainly because most investors can use the total amount of funds that can be used far less than the threshold of trust, which also means that they can participate in the investment of trust products later in the later stage The number of people is still relatively small. If there is no investment without investment, then financial instruments often think that they will not invest without development. The two parties may enter the stage of the game. Because they cannot judge the changes in the market later, they are not willing to "send charcoal in the snow". I want "icing on the cake." In other words, before the economic recovery, it is difficult for a trust company to witness the "golden period". If you can provide other financial instruments and actively provide high -quality resource optimized allocation for the real economy, it will continue to be banks and insurance in the future. , Securities, futures and other financial instruments, welcomes the golden period.

In the long run, the standardized trust industry will bid farewell to the original barbaric growth, take service the real economy as the primary goal, give full play to the important role of optimizing the real economy financing allocation, and use trust to promote the benign of the physical industry and the physical industry to nurture the trust industry. In the cycle, the trust industry will inevitably recover the original glory. (The author is an economist)

Daily Economic News

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