Trust is a legal system based on property transfer and property disposal, and it is based on economic freedom. Therefore, the reintroduction of the trust system in China is closely related to the reform and opening up, which also determines that the evolution of the trust industry has the characteristics of China's transitional economy.

since 1979, China's trust industry has experienced three stages of development: planned economy, planned and market mixed economy and market economy. Therefore, the development of China's trust industry can basically be understood as three stages, namely: recovery and expansion stage (1979-1992), rectification stage (1993-21) and standardization stage (22-present).

Extended information:

(1) After six major rectifications

China's trust industry started in Shanghai (China Trading Trust Company was established in 1921), but it did not develop trust business during 1949-1978 due to the implementation of the planned economy system. In 1979, domestic trust business resumed, and in October of the same year, the first trust institution in China was established (China International Trust and Investment Company). After that, trust companies were established one after another, and there were even more than 1, at the peak in 1988.

However, before the 21st century, China did not have a unified trust law (which was promulgated only in 21), which led to the development of trust industry in China was always in disorder. Before 21, the trust industry experienced five major rectifications, and 21-27 was the stage of normative adjustment. After 27, the deepening cooperation between banks and trusts made the trust industry enter the track of rapid development.

(2) Trust without bank

In the early stage of development, the position of China's trust industry is relatively unclear, and it is basically engaged in bank credit business in disguise, and there are few trust companies that really engage in trust business.

on the whole, every rapid development of the trust industry is inseparable from cooperation with banks, including capital market allocation, real estate and political trust cooperation, wealth management cooperation, and using trust advantages to help banks evade supervision.

During this period, banks and trusts encouraged and encouraged each other and constantly carried out financial innovation, which not only helped the development of banks, but also ushered in the development opportunities of the trust industry again and again, and the scale of the trust industry also increased greatly, and the cooperation between banks and trusts became the most dazzling innovative business in the financial industry.

(III) The supervision process is full of ups and downs

In p>23, after the CBRC took over the supervision power of trust companies, it began to reshape the supervision structure. In 27, the China Banking Regulatory Commission issued two new regulations (also known as "one law and two regulations" together with the Trust Law), which made the business development of trust companies step into the right track gradually. Later, it coincided with the big bull market in 26-27, the financial crisis in 28 and the 4 trillion yuan stimulus plan in 28-29, and the cooperation between banks and trust companies gained space for development.

during this period, due to the control of bank credit scale and the rapid growth of off-balance-sheet business demand, capital construction business such as fund-raising business (two bull markets), political trust business, real estate business (from the control of credit scale, etc.) and channel business such as wealth management funds issuing loans through trust began to develop substantially.

of course, with the continuous development of business, risks and hidden dangers have also increased significantly. Since 21, China Banking Regulatory Commission (CBRC) has started to introduce relevant policies to restrict it, but the natural business advantages of trust companies can always open a new round of business development space for them.

Of course, this cooperation mode within the banking supervision system makes the CSRC and the CIRC envious. After 212, the institutions under the CSRC system also copied the trust business model to develop rapidly, and the CIRC also issued relevant policies to liberalize the insurance asset management business.

during the five years from 212 to 217, the shadow banking business with large asset management business gave birth to various business types, which also led to the formal start of the process of strong financial supervision and deleveraging in 217.

since 217, the trust industry is facing increasingly severe supervision, and the unification of financial supervision is the general trend, and returning to the origin is becoming the direction of efforts of various trust institutions.