In the 1970s and 1980s, with the rapid development of non-bank financial businesses such as securities, insurance, trusts, futures, options and other derivative financial instruments, internationally, commercial banks that implemented separate operations faced unprecedented challenges. existential crisis, its importance as a lender is declining. In terms of asset business, capital markets, investment banks, leasing companies and foreign banks have taken away a large number of customers and business from commercial banks. From the perspective of liability business, residents have invested their savings in government bonds, stocks and investment funds in order to obtain more favorable returns. Investment funds, insurance companies, monetary funds, stock markets and pension funds have all become strong competitors in the bank's liability business. With the rapid development of these financial institutions, the source of bank funds has decreased sharply, followed by a sharp decline in bank interest spreads. In order to survive, commercial banks had to find ways to carry out investment banking business and compete with investment banks in the two major business areas of commercial banking and investment banking. The fences that regulated and divided financial industries were gradually dismantled. (Xie Pingping's "Research on Separate Operations, Mixed Operations and Supervision Issues")

1 In 1979, CITIC became the first trust investment company after the reform and opening up. In the 1980s, Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China were established one after another and adopted a fixed division of labor to demarcate their business scope so that funds could be distributed from top to bottom within the system. These four banks provide financial services to rural areas, foreign exchange, infrastructure and urban industry and commerce respectively.

In 1984, a financial system reform research group was organized to study the issue of comprehensive management. Basically, two opinions were formed: one opinion was in favor of the German model, department store-style management; the other was based on the Japanese model. Represented by the strict separate business management model. China is still in the initial stage of transforming from a planned economy to a market economy. The German model is difficult in macro management, so it has decided to separate operations and supervision. But later it was decided to use the Bank of Communications as a test field to conduct a separate comprehensive operation pilot.

On April 1, 1987, Bank of Communications was reorganized as a testing ground for joint-stock, comprehensive, and modern commercial banks. It can operate local and foreign currency businesses, engage in short-term and long-term loan business, and can also operate various non-bank financial businesses such as insurance, securities, trusts, investments, and real estate, becoming the first comprehensive operation pilot bank in New China. The reorganization of Bank of Communications broke the division of funds between urban and rural areas, between industry and commerce, and between domestic and foreign countries.

2 In 1986, China Construction Bank established the China Investment Consulting Company; in 1987, the China Construction Bank Trust and Investment Company was established; in 1989, CCB and other domestic and foreign institutions established the largest leasing company in the country at the time - Youlian International Leasing Co., Ltd.

3 Starting in November 1987, Bank of Communications Shanghai Branch started insurance business. On April 26, 1991, Bank of Communications separated the insurance department and established a wholly-owned subsidiary insurance company, Pacific Insurance Company. Dai Xianglong, president of Bank of Communications, served as chairman of the company and drafted the famous advertising slogan for China Pacific Insurance-"Pacific Insurance Company". Insurance ensures peace.” Pacific Insurance Company became the second national and comprehensive insurance company after China Insurance Company. On March 9, 1995, Pacific Insurance Company was restructured from a wholly-owned investment by the Bank of Communications into a national joint-stock commercial insurance enterprise controlled by the Bank of Communications.

4 In September 1988, Bank of Communications established Shanghai Haitong Securities Company on the basis of its securities department, with a registered capital of RMB 10 million. It was one of the earliest securities companies in New China. In August 1992, Shanghai Haitong Securities Company was reorganized into a joint-stock company and implemented a general manager responsibility system under the leadership of the board of directors. In January 1994, Haitong was restructured into a national securities company with a registered capital of RMB 1 billion. It was a subsidiary controlled by Bank of Communications. The headquarters and branches of Bank of Communications no longer operate securities business. On September 27, 1994, "Haitong Securities Co., Ltd." was formally established, with Dong Wenbiao serving as chairman and general manager.

5 In November 1993, Bank of Communications clearly outlined a mixed-operation financial group model, “adhering to comprehensive operations and separate management, and gradually forming two major business systems, namely the Bank of Communications itself. It operates a traditional commercial banking business system and a non-bank financial business system mainly composed of subsidiaries and holding subsidiaries of Bank of Communications.”

6 In 1995, China Construction Bank and Morgan Stanley established the first Sino-foreign joint venture in China. The real investment bank of the joint venture - China International Capital Corporation.

7 Beginning in the second half of 1992, financial institutions began operating in serious violation of regulations, risks were concentrated, and financial order was in chaos. On December 25, 1993, the "Decision on Financial System Reform" was issued, stipulating that "state-owned commercial banks are not allowed to invest in non-financial enterprises" and "should be decoupled from the insurance, trust and securities industries in terms of people, finance and property." "In 1995, the "Commercial Bank Law of the People's Republic of China", the "Bank Law of the People's Republic of China" and the "Insurance Law" were also promulgated and implemented, marking the establishment of the pattern of separate operations in my country's financial system.

8 In 1996, Bank of China registered an investment bank in London and later moved to Hong Kong.

In 1998, Bank of China International was established in Hong Kong, which was the first Chinese-funded investment bank. Its predecessor was China Construction Finance (Hong Kong) Co., Ltd. founded in 1979. Subsequently, BOCI and five large mainland enterprises jointly established BOCI Securities Company, and invested in China's first industrial fund - Bohai Industrial Investment Fund

9 On August 28, 1999, Bank of Communications The transfer agreement was formally signed with the Shanghai Municipality. Pacific Insurance Company and Haitong Securities Company were officially "decoupled" from the Bank of Communications and placed under the leadership of the Shanghai Municipal Government. All of the Bank of Communications' capital contributions and related interests in the two companies were also transferred at the same time.

10 In March 2002, CCB became the first commercial bank in China to be approved by the People’s Bank of China to carry out financial consulting business. In 2003, in order to promote the development of investment banking business, CCB established a dedicated investment banking department.