Recently, Hong Lei, Party Secretary and President of China Asset Management Association, delivered a speech at the committee of 100 of Private Equity Management. He believes that the problems in the private equity management industry are rooted in three major problems: the relationship between trust and entrustment is unclear, and some industry practices are out of the effective constraint of trust relationship; The investment function and financing function are not clear, and the supervision focus is inconsistent with the reality; The market-oriented credit mechanism is not perfect, and "credit attachment" weakens the investment culture of "taking risks at your own risk". Efforts should be made from three aspects: law, supervision and market, so as to solve the defect of mismatch between market system and market behavior from the system.

From a legal point of view, we should revise and improve the Securities Law, Fund Law and Trust Law, give full play to the professional value of special laws, bring all kinds of asset management into a unified norm, and establish the legal attributes, activity boundaries and behavior norms of all kinds of asset management activities according to their essential characteristics, so as to lay a legal foundation for unified supervision of the industry.

From the perspective of supervision, it is necessary to give full play to the overall decision-making and coordination functions of the Financial Stability and Development Committee, unify the requirements of the superior law on asset management, and realize functional supervision. It is necessary to improve the supervision rules based on trust law and fund law, strictly distinguish the different requirements of contract behavior and trust behavior, and clarify the boundaries and specific rules of fund trust activities. Starting from the needs and market functions of investors, asset management institutions and intermediary service institutions, we will open up institutional space for the organic growth of asset management. For example, the establishment of large-scale asset allocation licenses provides a new channel for trust management for banks and other institutions with fund pool advantages and allocation needs. According to the requirements of trust management and the characteristics of investors' risks and maturities, transforming short-term financial management into large-scale asset allocation with long-term advantages will not only effectively break the rigid redemption and resolve the "shadow banking" risks, but also better meet the real needs of investors, provide more long-term funds for the real economy and promote a virtuous circle between finance and the real economy.

From the market point of view, it is necessary to promote the modern industry governance system and establish a market-oriented credit system and credit culture. On the basis of the accumulation and application of personal credit, we should gradually promote personal credit to play a fundamental role in market game competition, break the strange circle of market and regulatory game and regulatory arbitrage, promote market players to return to the essence of the industry, attach importance to their own functional value and internal governance, base on credit, and promote the healthy development of the industry with continuous professionalism and truly valuable innovation.