Core Viewpoint - The trust industry has experienced significant fluctuations over the past 23 years, characterized by three distinct development phases: exploration, rapid growth, and adjustment. The future outlook remains optimistic as the industry adapts to regulatory changes and seeks new growth avenues. Summary by Sections Development Phases - The trust industry can be divided into three phases: exploration (2002-2006), rapid growth (2007-2017), and adjustment (2018-present). The exploration phase laid the groundwork for future development, while the rapid growth phase saw trust assets increase from 4.8 trillion yuan to 26.25 trillion yuan, marking a significant transformation in the industry [2][3]. Asset Scale and Growth - By the end of 2007, trust assets reached 9.8 trillion yuan, doubling from the previous year. The industry experienced exponential growth, with annual increases exceeding 50% from 2007 to 2013. However, growth began to slow after 2013, with assets at 10.91 trillion yuan, indicating a shift in the growth trajectory [3][4]. Current Trends and Future Outlook - The trust asset scale declined to a low of 20.49 trillion yuan by the end of 2020 but has since shown signs of recovery, projected to reach 29.56 trillion yuan by the end of 2024. The industry is adapting to new regulations and focusing on service-oriented trusts, which are expected to drive future growth [4][10]. Profitability and Economic Contribution - Trust industry profits have closely followed asset growth, peaking at 82.4 billion yuan in 2017 before declining. The industry plays a vital role in the national economy, contributing significantly to tax revenues through asset management product VAT [4][5]. Key Industry Insights - The trust industry does not face systemic risks, with most companies having addressed issues related to non-standard funding pools. The industry has moved away from rigid repayment structures, allowing for healthier growth dynamics [6][7]. Regulatory Environment and Market Perception - The trust industry has been subject to strict regulation, distinguishing it from shadow banking. Recent regulatory frameworks have enhanced transparency and compliance, positioning the industry for sustainable growth [7][8]. Long-term Strategies - The future of the trust industry hinges on restructuring business models according to the three classifications of trust services: asset service trusts, asset management trusts, and charitable trusts. This reclassification is expected to alleviate competitive pressures and foster new growth opportunities [9][10]. Risk Management and Cultural Development - Trust companies are encouraged to enhance risk management capabilities and cultivate a culture of trust to ensure long-term sustainability. Emphasizing service value and community engagement will be crucial for the industry's future success [11].
朱勇：坚持长期主义穿越周期 实现信托业高质量发展
Zhong Guo Zheng Quan Bao·2025-09-25 00:36