First of all, for the wealth management pool, for example, a bank has issued wealth management products with various maturities, types and expected annualized returns, such as bills, portfolios and trusts. In fact, customers' funds for purchasing these products are all included in the unified "fund pool" of the bank, and the relevant departments of the bank operate the funds in the "fund pool", such as buying bonds, bills, trust products, and even directly using them for lending.

The fund pool wealth management products developed by banks refer to the operation mode of fund products to some extent, and raise funds by rolling out short-term wealth management products and investing them in longer-term assets. The average expected annualized rate of return of short-term products is lower than that of long-term products, and banks can get the maximum income through maturity mismatch. From the perspective of preventing systemic risks, we should guide commercial banks to prudently standardize and promote the innovation of wealth management business. Financial products should be given a clearer legal status at the institutional level, and the rights and responsibilities between banks and investors and between banks and investment assets should be clarified. Strengthen the risk management of off-balance sheet wealth management products and investor education.

First, the benefits match the risks. The supervision focus of wealth management products should be whether the sharing of risks and benefits is reasonable. First of all, it is required that financial products can be accounted separately, which is the basis for examining risks and benefits; Second, the balance between risk and return embodies the principle of "high risk and high return, low risk and low return". Banks should design a reasonable profit and loss distribution mechanism according to their own operational and risk management capabilities and conduct business prudently.

The second is to strengthen the risk management of off-balance sheet wealth management products. On the one hand, it is necessary to strictly control the risk measurement of commercial banks, and make timely and full provision for capital and risk reserves according to the real business attributes and risk status. On the other hand, establish and improve the off-balance-sheet business of commercial banks and the "firewall" of cooperation with securities, funds, insurance and trusts to avoid cross-market and cross-infection of off-balance-sheet business risks.

The third is to improve the information disclosure system. Banks need to timely, accurately and completely disclose the information of capital investment, risk rating and customer income involved in the issuance, survival and expiration of wealth management products, so as to improve product transparency.

The fourth is to improve the relevant legal system and clarify the rights and responsibilities. We should give financial products a clearer legal status at the institutional level, clarify the rights and responsibilities between banks and investors, banks and investment assets, and respect the seriousness of the financial product contract itself. Because of their advantages in professional skills, information, decision-making and negotiation ability, banks should always put the interests of investors in wealth management products first and invest prudently.

The fifth is to strengthen investor education. Improve financial consumers' ability to recognize the essence of wealth management products and identify risks, change the concept that financial consumers regard wealth management as disguised deposits and expect "guaranteed income through drought and flood", so that they can rationally purchase wealth management products and promote the healthy and sustainable development of the wealth management product market. y