When Japan introduced the trust system, it also faced difficulties in building a trust infrastructure and protecting investors. For this reason, Japan adopted a legal system of additional guaranteed principal supplement contracts for some money trusts such as loan trusts, requiring trust institutions to withdraw corresponding funds from trust income.

Reserves also apply to the deposit reserve system and the deposit insurance system.

This has greatly strengthened the risk regulatory constraints on such trust products and can also achieve the purpose of protecting the interests of investors.

However, not all trust products in Japan are subject to the above regulations. Except for specific money trust products, other trust products are not subject to the principal protection regulations.

In this way, investors can choose trust products according to their own preferences, and trust companies can also formulate investment strategies based on different trust products.

The inspiration from Japan’s experience is that rigid redemption, as a trust company’s business strategy, can easily lead to the neglect of its own responsibilities and the lack of relevant regulatory measures. Therefore, once risk problems are exposed and concentrated, the countermeasures that trust companies can use are

Very little, which damages investor confidence.

In terms of solving the problem of rigid redemption of trust products, trust companies can adopt differentiated product designs and issue capital-guaranteed and non-capital-guaranteed trust products to adapt to different investment preferences. Regulatory authorities can arrange a more stringent risk supervision system for capital-guaranteed trust products to protect investments.

The investor’s principal is safe; for non-capital-guaranteed trust products, it is necessary to further clarify the trustee’s responsibilities and arrange corresponding dispute resolution mechanisms and beneficiary interest compensation mechanisms to better protect the interests of investors.

At the same time, it is also necessary to further strengthen investor education and popularize trust culture and concepts so that investors can more fully understand the nature of trust product investment.

At the beginning of the development of Japan's trust business, the trust business mainly played a financing function, especially trust products based on loan trusts accounted for a very high proportion.

However, unlike the current situation of my country's trust industry, since the 1940s and 1950s, Japan's trust industry has begun to perform long-term financial functions, which avoids homogenization and vicious competition with banking business. At the same time, Japan's Loan Trust Law also imposes restrictions on loan trusts. There are clear regulations on the investment direction of funds. Initially, it was required to be invested in important national economic sectors such as steel and minerals. However, due to changes in Japan's economic structure, loan trust funds were required to be invested in sectors that played an important role in the national economy.

In the 1950s, Japan further enacted the "Loan Trust Law" to realize the commercialization of loan trusts. In addition, the threshold is not high, and it has won the favor of a large number of clients. It also indirectly played a role in popularizing trust culture and opened up greater opportunities.

Fiduciary requirements play an important role.

With changes in the external economic environment, financing trust products represented by loan trusts have gradually decreased. At present, loan trusts have basically disappeared and are gradually replaced by land trusts, securities trusts, etc. The wealth management and investment functions of the trust system have been lost.

play further.

The inspiration given by Japan’s experience is that the financing of trust business has a great relationship with the country’s economic growth stage. Economic growth is in a stage of rapid development, the demand for financing is strong, and the financing characteristics of trust business are relatively significant. This in itself is the adaptation of the trust system to the external economy.

manifestations of environmental changes.

However, the financing of my country's trust business mainly lies in the fact that many businesses are channel businesses, and a lot of trust funds are invested in real estate, excess production capacity and local financing platforms restricted by national macro-control. The financing advantages of the trust system should be used more to support emerging strategic industries. This will promote my country's economic transformation; the problem with trust financing is that trusts and banks have similar business models and serious homogeneity. Although trust companies basically choose higher-risk projects to operate, their profit models basically rely on interest differentials, and each company Trust products are highly homogeneous.

At present, our country is still in a stage of relatively rapid growth, and the demand for financing is still relatively strong, because the trust industry needs to further optimize the path for the trust financing function to achieve differentiated business objectives.

At the same time, our country also needs to strengthen the popularization of trust culture and further explore the demand for other trust businesses, which will help increase the income sources of the trust industry and reduce the possible impact of the contraction of future financing trust business.

Japan’s experience in facing the challenge of opening up the asset management market: Professionalization and scale my country’s trust companies used to be the only financial institutions in my country that could allocate assets in the money market, capital market and entities. However, with the relaxation of my country’s financial regulations and the decline of asset management As the market gradually opens up, this advantage has disappeared.

At present, securities companies, fund subsidiaries, and insurance companies can allocate assets across markets. The dividends of the trust industry system have been seriously weakened, and trust companies face greater competitive challenges in their operation and development.

At present, my country's trust companies have been segmented in business markets such as channel business, listed equity pledge, real estate, and local financing platforms.

The Japanese trust industry is also facing the challenge of the gradual opening up of the trust market.

From the late 1980s to the present, the Japanese trust industry has also accelerated the pace of reform and opening up. In 1986, foreign banks were allowed to establish local legal persons to operate trust business.

In 1993, banks and securities companies were allowed to participate in the trust business by setting up subsidiaries or trust contract agencies. In 2002, the head offices of financial institutions were allowed to engage in business in person. After the Trust Industry Law was revised in 2004, new trust companies were allowed to be established.

In other words, we can engage in trust business in the form of a new agency.