catalogue
1. Trust industry in China resumed its expansion stage (1979— 1992)
1. 1. Brief introduction of trust industry in China before the reform and opening up.
1.2, the recovery and expansion stage of trust industry in China.
Second, the rectification stage of trust industry in China (1993-2001)
Third, the normative stage of trust industry in China (2002-present)
1. Trust industry in China resumed its expansion stage (1979— 1992)
1. 1. Brief introduction of trust industry in China before the reform and opening up.
At the beginning of the 20th century, faced with the worsening credit crisis at that time, some people who understood western culture and advocated China's economic progress suggested learning from the west, reforming the traditional credit system and establishing a modern financial system. The word "trust" was first introduced to China in Shanghai. 19 19, Juxingcheng Bank Shanghai Branch established the trust department, which is the first trust department in China history and can be said to be the beginning of modern trust industry in China. 192 1 year, China trade trust company was established, which is the first professional trust company in China. Since then, trust companies have entered the historical stage and developed rapidly. In addition to the private trust industry, government-run trust institutions have also begun to appear in 193 1. 1935 the central trust bureau was established, and 1937 the trust industry developed. More than a dozen trust companies, such as Shanghai and Southeast China, mostly run banking, savings and insurance businesses, and some banks have also set up trust departments. In addition, there are official Shanghai Industrial Trust and Central Trust Bureau. The businesses operated by each company are similar, that is, trust deposit, trust investment, securities trust, management trust, supervisor measurement trust, custody trust, legacy trust, guardianship trust, real estate trust and agency trust. However, in fact, some businesses have not formed a complete market, and its trust industry can be said to be a "financial supermarket". Besides the basic functions of trust, it also has the functions of financial intermediaries such as banks.
After the founding of New China, the Trust Department of Shanghai Branch of China People's Bank was established on June 5438+0949 65438+ 10/,and its business includes real estate, transportation, warehousing, custody and other agency business. Like all fields, the state has also carried out socialist transformation of the trust industry in old China. The original private trust companies and bank trust departments have been strictly managed, rectified and reformed. Some institutions with insufficient capital and lack of normal business were eliminated and closed first; The rest were incorporated into the financial system, taking the road of state capitalism and banks, but closed after September 195 1. This is mainly because the main purpose of the government is to stabilize the financial situation and realize economic recovery in the process of financial system reconstruction with public ownership reform as the main means. The government monopolized the property rights of financial institutions and formed a completely single state-owned property rights system. With the completion of the task of socialist transformation, the original trust business disappeared, and the government-run trust company was confiscated until the whole industry changed from 65438 to 0952 public-private partnership. So far, the development of China's trust industry has come to an end. Although there were trust departments in state-owned banks, they soon contracted their business like private trust institutions and finally closed down.
1.2, the recovery and expansion stage of trust industry in China.
From the origin and development of trust, the function of trust is closely related to the development level of commodity economy and the perfection of market system. The re-introduction of the trust system in China has made the trust industry in China develop rapidly, and at the same time, the special national conditions have also made it difficult for the trust industry in China to grow in constant "error correction".
1979 10 after the reform and opening up, China international trust and investment company, the first trust institution in China, was established, directly under the leadership of the State Council, and can handle international trust and investment and financial business. Its establishment marks the beginning of the restoration of the trust system in China, which is the product of China's reform and opening up and the product of China's financial reform and institutional innovation in a specific period.
1June, 1980, according to the instructions of the State Council on the trial implementation of trust and investment companies by banks, the People's Bank of China officially started its trust business. Since then, banks, ministries and local governments have set up trust and investment companies, and some provincial branches of state-owned banks have also set up trust institutions. From 1980 to 1982, there were more than 620 trust and investment institutions in China, including 186 trust departments of China People's Bank, 266 trust departments of China Construction Bank, 96 trust departments of China Bank and more than 20 trust departments of Agricultural Bank. Most of them are run by local governments and specialized banks, and a few are run by central ministries. At that time, the purpose of setting up a trust was mainly to make full use of surplus idle funds from various channels to make up for the shortage of bank credit. The re-emergence of the trust industry in China is a breakthrough in the planned economy system. However, since its birth, the trust industry in China has been endowed with an advanced form-financial trust, whose function far exceeds entrusted financial management. It shoulders the function of raising social funds and providing diversified financial services for reform, opening up and economic development. China's reform and opening up has greatly mobilized the enthusiasm of local governments and departments, and the relevant policies of the People's Bank of China have made the trust industry develop rapidly, basically in the stage of free development, and there has been some blindness. The financial functions of the trust industry (mainly credit intermediary, payment function and credit creation function) have expanded the scale of capital construction to a certain extent and impacted the balance of credit payments. In view of this, in April of 1982, the State Council issued the notice on rectifying trust and investment institutions and strengthening the management of transformation funds, stipulating that all regions and departments shall not handle trust and investment business except trust and investment companies approved by the State Council and units authorized by the State Council, and have been cleared within a time limit. It is required that all trust and investment businesses be operated by banks and all local trust and investment companies be closed. The focus of this stage of rectification is business rectification, and the trust industry can only handle entrustment, agency, leasing and consulting business.
By 1984, the development of trust industry in China has reached a climax. However, the contents and methods of trust business do not reflect the characteristics of modern trust industry, and basically they are still exercising banking functions, which is the repetition of bank deposit and loan business. Moreover, most of its funds are used for investment in the field of fixed assets, which has promoted the expansion of the scale of fixed assets to some extent.
By the end of 1984, in view of the phenomenon that the money supply and credit scale were out of control due to the overheating of the economy at that time, China's macro-economy adopted a tightening policy, and the trust industry began to rectify nationwide again, suspending new trust loans and investment business and clearing deposits and loans. At the same time, the State Council requested to stop handling trust loans and trust businesses, clean up the businesses already handled, and limit the sources of trust funds for the following year.
After 1986, China's economy overheated, which led to excessive capital demand and triggered the rapid expansion and re-expansion of the trust industry. Because the supervision work can't keep up, it seriously interferes with the normal financial order, disperses limited funds, expands the scale of investment in fixed assets, affects the macro-control of the country, and once again has a negative impact on the national economy. With the national economic consolidation, the trust industry is facing the situation of consolidation and contraction. During this period, the People's Bank of China successively promulgated the Interim Provisions on the Management of Financial Trust and Investment Institutions and the Interim Measures for the Management of Funds of Financial Trust Institutions, which made some provisions on trust institutions, trust business and fund management, and played a certain role in standardizing trust business and preventing the credit business of trust and investment companies from impacting the credit revenue and expenditure plan. Market-oriented reform makes the original system unable to meet the huge capital demand generated by "rapid economic development", so various professional banks have set up trust and investment companies or trust departments, and trust institutions have also been set up in various places.
1988, the central government and the State Council issued documents to clean up and rectify trust companies. In June of the same year, the People's Bank of China began to rectify the trust industry. The following year, in view of the rapid development and chaotic management of various trust and investment companies, the State Council was further cleaned up and rectified. By 1992, the trust industry in China has been in the low tide of development. Generally speaking, the trust and investment companies at that time were faced with some problems, such as small capital requirements, high operational risks, poor asset quality, unclear main business and irregular operation. Therefore, the management cleaned up the trust industry four times in 1982, 1984, 1986 and 1989.
Second, the rectification stage of trust industry in China (1993-2001)
After 1993, China's economic reform has entered a new milestone, the economy has undergone extremely profound structural changes, and the resource allocation mechanism of the whole society has basically turned into a market-oriented track. With the establishment and development of the socialist market economy, China's financial system has undergone considerable changes, such as the establishment of a diversified financial system, the formulation and implementation of relevant laws and regulations, the establishment of a separate financial supervision system, and China's accession to the WTO. The trust industry has been rectified for seven years until the People's Republic of China (PRC) Trust Law was promulgated in 200 1.
1993, in order to control the chaos in the financial system, we began to comprehensively clean up the trust and investment companies approved by the people's banks at all levels. By 1993, there were 389 trust and investment companies in China (not including institutions that were approved beyond their authority), with total assets of nearly 430 billion yuan. Its general pattern is as follows: first, international trust and investment companies established by the central government and local governments (mainly provincial governments), such as the "Shanghai International Trust and Investment Company" established by the Shanghai Municipal Government; Second, trust and investment companies or trust departments established by specialized banks (including head offices and branches), such as China Industrial and Commercial Bank Trust and Investment Company, and most of these trust institutions; Third, trust and investment companies established by local governments, such as "Beijing Real Estate Trust and Investment Company" established by Beijing Municipal Government; Fourth, trust and investment companies established by various departments, such as China People's Insurance Company.
China PICC Trust and Investment Company and other companies were founded. At this point, the trust industry in China has been cleaned up.
From 65438 to 0995, re-registration of non-bank financial institutions and decoupling of state-owned commercial banks from trust and investment companies were carried out. By the end of 1997, there were 242 trust institutions in China with assets of about 460 billion yuan. These trust institutions are struggling, and there are widespread problems such as poor asset quality, payment difficulties and bankruptcy crisis.
1999, in order to prevent and resolve financial risks, it was decided to comprehensively rectify and merge 239 trust and investment companies at that time, re-standardize the business scope according to the principle of "trust-oriented, separate operation, scale operation and strict supervision", separate banking, securities industry from trust industry, and introduce strict conditions for company establishment. The trust industry was reorganized again, and measures such as cancellation, reorganization, merger and transfer were taken, and a large number of trust institutions were merged. In the process of rectifying the financial order, the trust industry is also constantly adjusting and various problems are constantly exposed. Due to out-of-control management and lagging supervision, a large number of trust companies blindly borrow funds, issue loans on a large scale, invest in real estate and stocks, and even have problems such as short selling and illegal borrowing in disguised form in the national debt repurchase market such as STAQ system. Therefore, the People's Bank of China stops banks from lending funds to various non-bank financial institutions, and does not allow banks to inject credit funds into various self-run economic entities, so as to recover the invested funds within a time limit.
From the business point of view, many trust and investment companies have not only obtained financing rights from domestic and international channels, but also obtained a number of investment management rights such as import and export trade, real estate development and leasing, providing loans to enterprises and governments. 1995 and 1998, the state successively promulgated laws and regulations such as People's Republic of China (PRC) Commercial Bank Law, People's Republic of China (PRC) Insurance Law and People's Republic of China (PRC) Securities Law, which legally stipulated the separate operation and management of the financial industry.
1995, the people's bank of China strengthened the supervision of trust institutions, introduced and began to implement the financial market exit mechanism in an all-round way, and the financial exit mechanism began to start. 1995 5438+00 In June, the People's Bank of China took over the Bank of China Trust, which was operating illegally and insolvent, and required all trust and investment companies established by banks to be decoupled from banks or turned into their branches; 1February, 1997, China Rural Trust and Investment Company was closed due to its inability to repay its due debts; 1In June 1998, China New Technology Venture Capital Company closed down for the same reason: 1998 10. In October, according to market principles and legal procedures, Guangdong International Trust and Investment Company, known as the "second child" of China's trust industry, also closed down due to insolvency and payment crisis. 1February, 1999, with the approval of the State Council, five trust and investment companies, including Huarong, Great Wall, Dongfang, Cinda and China Insurance, were cancelled; In March, six trust and investment companies, including China Electric Power Trust, and seven trust and investment companies, including China Economic Development Bank, respectively completed the reorganization and handover from the central government to the local government. In April, the Ministry of Finance issued the Provisions on Assets Appraisal and Loss Write-off of Trust and Investment Companies, which comprehensively kicked off the fifth rectification of the financial trust industry in the past 20 years.
In June 5438+October 2000 10, the People's Bank of China held a liquidation meeting of trust and investment companies. At the meeting, it was particularly emphasized that the conditions for retaining trust and investment companies were: no overdue foreign debts, no personal debts, no branches, no capital gap, write off bad debts, bad debts and investment losses in accordance with relevant regulations, and make up accumulated operating losses over the years, and the capital should be no less than 300 million yuan in cash. The purpose of this rectification is to make China's financial trust industry return to the trust industry, and truly handle the trust business of "entrusted by people and managing money on behalf of others". The most important thing in the rectification is to separate the trust industry from the banking industry and the securities industry, and it is forbidden to engage in investment, loan business and securities business with creditor's rights funds.
This reorganization will classify, merge and reorganize various trust and investment companies, expand capital, enhance business strength, improve asset quality and reduce operational risks; Trust and investment companies that do not meet the requirements will be deprived of their financial licenses and changed to various industrial companies or financial companies and securities (brokerage) companies. Trust and investment companies mainly engaged in banking business can be transformed into branches of wholly state-owned banks through negotiation. This rectification is to divest the securities business, and the second is to divest the banking business and highlight the main business of trust. At this stage, the businesses of the financial trust industry will be standardized according to the internationally accepted trust management methods, which will prompt China's financial trust industry to take the standardized road, make it truly become a financial institution engaged in entrusted wealth management business, that is, intermediary services, and further improve China's financial service system.
During this period, the trust industry in China mainly showed the following characteristics:
1. Due to various reasons, the function of "financial supermarket" in China's trust industry-mixed operation has been fully exerted, while its own industry-"entrusted financial management" civil trust has hardly developed. Some important functions and advantages of the trust industry have gradually disappeared, and trust enterprises have gradually developed into financial department stores that run banking, securities and investment businesses. In fact, they are no longer worthy of the name, and are not trust institutions in the traditional sense.
2. As trust and investment companies are funded by governments at all levels, some trust companies become "small finances" and "lending windows" of the government;
3. Due to the lack of relevant laws and regulations of the trust industry, some trust companies have to "mix operations" in order to survive, and the operating results have caused huge market risks due to unclear property rights and poor management, which eventually led to bankruptcy.
Third, the normative stage of trust industry in China (2002-present)
With the deepening of financial reform and China's accession to the World Trade Organization, the external environment and internal conditions for the existence of trust industry in China have also undergone substantial changes. These changes provide the basic conditions and foundation for the standardized development and functional innovation of the trust industry in China. On April 28th, 20001year, the People's Republic of China (PRC) * * * and Guo Xin Law was promulgated, which came into force on April 28th, 20001year. The trust industry in China finally standardized the trust relationship and trust behavior, established the legal status of the trust parties, and laid the institutional foundation for promoting the development of the trust industry in China. In June and July, 2002, the Measures for the Administration of Trust and Investment Companies and the Interim Measures for the Administration of Funds Trust of Trust and Investment Companies were promulgated one after another, which made the business of trust companies return to its original source, that is, to carry out business around the trust connotation of "being entrusted by others to manage money on behalf of others", marking the healthy development of the trust industry. Compared with the former nominal trust industry, the rectified trust industry faces a good internal and external development environment.
In 2003, with the deepening of the reform of financial institutions, the former People's Bank of China separated the monetary policy from the supervisory function, and established the China Banking Regulatory Commission, which assumed the functions of the former People's Bank of China to supervise banks and non-financial institutions. Trust and investment companies were directly supervised by the CBRC. After the trust and investment company is directly supervised by the CBRC, the development space of the trust and investment company has been expanded to a certain extent, and the trust business has become more standardized. By the end of 2003, 59 trust and investment companies have completed the rectification and re-registration, which indicates that the fifth rectification of trust and investment companies in China has been basically completed, and a relatively complete and brand-new trust industry lineup has basically taken shape.
Under the guidance of the State Council Trust Rectification Policy, trust companies have achieved a certain degree of development, and the total amount of trust property under management is close to 200 billion yuan. The commercial trust business has made great progress, and the trust industry in China has taken a gratifying step. Entrusted management of assets. More than 250 billion, including 654.38+060 billion trust property. The self-owned capital of the whole industry is 48 1 100 million yuan, the asset-liability ratio is 49%, and the annual profit is155 million yuan. By the end of June 2004, the trust company had about 4,600 employees. From March to June, 2004, 5438+00, many main leaders of China Banking Regulatory Commission clearly affirmed the important role of trust industry in the reform and opening up and the development of national economy, and pointed out that trust industry is one of the indispensable pillars of China's financial system. 1 1 In June, approved by the State Council and relevant state departments, after three years of long preparation, the first general meeting of china trustee association and the inaugural meeting of china trustee association were finally formally held. Since then, the trust industry in China finally has an industry self-regulatory organization like other financial institutions, and has a unified image and voice facing the society and the outside world.
On the other hand, since joining WTO, China's economy has undergone profound structural changes, and the resource allocation mechanism of the whole society has basically changed to a market-oriented track. With the establishment and development of the socialist market economy and the deepening of the market system, China's social and economic structure has undergone considerable changes, a good economic environment is taking shape, the efficiency of social resource allocation is increasing day by day, and economic growth has been in the forefront of the world for many years. The increase of national wealth and the protection of private property have provided basic conditions for the development of trust industry. After rectification, the trust and investment company has strengthened its capital strength, optimized its asset structure, established a relatively perfect corporate governance structure and formed a dominant position in the market through divestiture, capital increase and share expansion. From the external environment, the rapid development of the national economy has increased residents' idle funds, and the market demand for investment and financial management has been fully reflected, which undoubtedly provides a broad market space for the development of the trust property management system. With the promulgation of the trust law, the institutional advantages of trust have been recognized by law, and the development of trust and investment companies has been guaranteed by the system. As a supervision department, CBRC has greatly reduced the cost of product innovation in the trust industry. These environments and conditions have contributed to the rapid development of the trust industry in just a few years.
From the business point of view, on July 18, 2002, Shanghai Aijian Trust and Investment Company sold its first trust product, which was also called the beginning of the trust company's return to its main business by the insiders. Judging from the identity of investors at that time, middle-aged and elderly people accounted for a considerable proportion. The regulations formulated by the China Banking Regulatory Commission, the regulatory body of trust companies, obviously hope to exclude investors with poor risk resistance. The Interim Measures for the Management of Trust Companies' Funds Trust stipulates that the number of trust plans shall not exceed 200, and the minimum scale of a single trust plan shall be 50,000 yuan. In June, 2003, the People's Bank of China issued "Document 12 1", aiming at curbing the overheating of real estate investment, and stipulating that the threshold for real estate development enterprises to apply for bank loans has been greatly raised-stipulating that their own funds (owners' equity) should not be less than 30% of the total investment of development projects. When some real estate developers have no way to borrow money from banks, Xiao He's trust company began to "pick up what is missing". By the end of 2004 12, about 60 trust products with pooled funds had issued due liquidation reports through the trust company's website. According to the actual results, almost all trust products reached the expected income level in 2004, with an average annual yield of 4.304%. Among them, the average annual return rate of Beijing SDIC Sanhuan New City Project exceeded the expected return by 0.3529 percentage points; Hengping Trust not only completed the payment of all trust products due in 2004, but also
About 30% of the products were liquidated in advance on the premise of the same income level and income scale, and the highest yield exceeded 6%. In addition, 24 trust plans such as the Shanghai Outer Ring Tunnel Project Fund Trust Plan also exceeded the expected income level to varying degrees.
With the continuous innovation of trust industry, property trust has also become the "new darling" of trust and investment companies. For example, China Credit Trust took the lead in launching a trust plan called Property Trust. Subsequently, various trust companies followed suit and made innovations. In June 5438+February 65438+May 2005, yet we called and urged a thousand times before she started toward us's financial innovation finally appeared-domestic (two) credit asset securitization products were successfully issued at the same time and officially entered the inter-bank bond market. The sponsors are China Development Bank and China Construction Bank, and the issuers are CITIC Trust and CITIC Trust. On February 23, 2005, 65438, the National Social Security Fund Council signed an agreement with China Shipping Trust, entrusting China Shipping Trust with financing of 3 billion yuan, with a term of 1 year, to invest in the railway construction of the Ministry of Railways, with the guarantee provided by Bank of Communications Beijing Branch. Since then, the National Social Security Fund Council has not only entrusted fund management companies to invest in the securities market, but also added new safe and stable funding channels. China Shipping Trust has opened up a brand-new financing channel for the trust industry, and the important business opportunities of China Trust Company are coming. At the same time, with the participation of institutional investors, trust companies can expand trust business. However, the most important significance of many innovations since the beginning of 2004 is to reasonably break through the limit of 200 copies and "circle more money". Some trust and investment companies frequently break through the framework of "one law and two regulations" and operate illegally in the name of "innovation", which is mainly manifested in: one share is dominant, and the corporate governance structure and risk internal control measures are extremely incomplete; Obviously, the market lacks fair related party transactions, which harms the interests of investors; The talent structure is unreasonable and the professional quality is low. When the historical problems of a few companies have not been solved, new risks and bad debts begin to accumulate again. In 2004, the investment securities market of Qingtai Trust and Investment Company was closed due to insolvency; In 2004, Islamic Trust and Investment Company and Jin Xin Trust and Investment Company were taken over for misappropriating clients' assets. Huo Jinyi, the legal representative, chairman and general manager of Northern Trust, was double-detained on February 2, 2005 for speculating Dayun Technology (*ST Dayun, 600 18 1), which caused huge floating losses and was suspected of serious violation of discipline. June 30, 2005 65438+February 30, 2005, Zhejiang Supervision Bureau of China Banking Regulatory Commission issued an announcement: Jin Xin Trust was ordered to suspend business for rectification due to its illegal operation and poor management, which caused heavy losses. This makes the trust industry, which has just taken off after rectification, shrouded in heavy clouds again, and the trust industry in China is once again facing a severe test.
The new Measures for the Administration of Trust Companies and the Measures for the Administration of Collective Funds Trust Plans of Trust Companies came into effect on March 1 2007, which made new provisions on the business scope and business orientation of trust companies. According to the requirements of the new regulations, trust companies will clean up industrial investment and rectify existing businesses in order to apply for re-registration or implement transitional policies. As of February 2008, 34 of the 54 trust companies operating normally have been granted new financial licenses.
Under the implementation of the new regulations, 20 10, there are 55 trust companies operating normally nationwide. * * * 2,337 collective trust products were established. The total scale reached 257.9 billion yuan. In the following years, the trust industry ushered in explosive growth. The scale of the industry has increased from 1 1 to more than 300 billion in just five years. It broke through 16 to 16 trillion. Its number has now increased to 68. With the government's restrictions on trust licenses. The number of domestic trust companies is currently stable at 68.
With the official implementation of 1 20 16 charity law in September. Major trust companies have set up charitable trusts. A new path has emerged in the business of trust companies.