Legal basis: Measures of the People's Bank of China for the Administration of Bill Trading Article 5 The participants in the bill market refer to the market entities that can engage in bill trading, including: (1) legal person participants. Refers to financial institutions as legal persons, including policy banks, commercial banks and their authorized branches, rural credit cooperatives, enterprise group finance companies, trust companies, securities companies, fund management companies, futures companies, insurance companies and other financial institutions licensed by financial supervision and regulation departments. (2) illegal human participants. Refers to all kinds of investment products established by financial institutions as asset managers, entrusted or authorized by customers to carry out asset management business according to the investment plans and methods agreed with customers, including securities investment funds, asset management plans, bank wealth management products, trust plans, insurance products, housing accumulation funds, social security funds, enterprise annuities, pension funds, etc. (3) Other market participants as determined by the People's Bank of China.