1. Non-standard financial management products are non-standard assets, and non-standard financial management refers to non-standard financial management.

Non-standard assets refer to debt assets that are not traded in the inter-bank market and stock exchange market.

For example, products such as P2P online loans and private equity funds bypass banks or bond approval departments and directly connect investment and financing parties through a non-standardized carrier.

2. The concept of "non-standard" means the concept of "standard". Standardized financial products, whether bonds or stocks, are investment and financing processes under the protection of a relatively clear, standardized and fair mechanism.

3. Non-standard financial management has certain advantages over standardized financial management: non-standard financial management has the advantages of both loans and bonds. Its biggest feature is that it can be circulated over-the-counter, has flexible forms, and has high yields. The most important thing is: there is almost no supervision.

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However, non-standard financial management is not necessarily illegal financial management, but the legislation in the field of non-standard financial management is not perfect enough.

4. On October 12, 2019, the People's Bank of China issued the "Standardized Debt Asset Identification Rules (Draft for Comments)" (hereinafter referred to as the "Identification Rules"). In the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions", "standard

" and "non-standard" classification standards, further refinement has been made: 5. The standardized debt assets referred to in the rules refer to fixed-income securities such as bonds and asset-backed securities issued in accordance with the law, mainly including treasury bonds and central bank bills.

, local government bonds, government-backed agency bonds, financial bonds, non-financial corporate debt financing instruments, corporate bonds, corporate bonds, international agency bonds, interbank certificates of deposit, credit asset-backed securities, asset-backed notes, asset support listed on stock exchanges

Securities, as well as fixed income publicly raised securities investment funds, etc.