全国政协委员金李：信托财产登记让更多家庭和企业触手可及

Core Viewpoint - 2025 is a pivotal year for the transformation of China's trust industry, with significant advancements in real estate and equity trust property registration, providing institutional support for "housing for elderly care" and revitalizing existing assets [1][12]. Group 1: Real Estate Trust Developments - The successful implementation of real estate trust property registration trials in multiple cities allows "real estate" to become a liquid "retirement resource," enriching the multi-tiered pension security system [3][14]. - Real estate trust registration addresses the "trust" issue, ensuring that properties remain independent of the pension institution, thus safeguarding the elderly's rights even if the institution fails [3][14]. - The trust structure enables the elderly to convert property into stable cash flow without selling ownership, enhancing the quality of retirement living [3][14][15]. - Real estate trusts can flexibly set beneficiaries and distribution rules, promoting intergenerational harmony and reducing family disputes over inheritance [4][15]. Group 2: Equity Trust Developments - The registration of equity trusts in Beijing and Hangzhou marks a milestone in the trust system, providing a "safety net" for private entrepreneurs and addressing succession challenges [7][17]. - Equity trust registration clarifies the legal status of equity as trust property, allowing for the separation of ownership, management, and beneficiary rights, thus ensuring stability in family business succession [7][17]. - This development encourages the trust industry to return to its core purpose of asset management and wealth transfer, with initiatives like the equity charitable trust in Hangzhou reflecting the social value of the trust system [8][18]. Group 3: Challenges and Recommendations - Establishing a unified national trust property registration system faces challenges, including legal coordination, departmental collaboration, and tax-related issues [9][19]. - The key to addressing tax burdens in trust setups lies in establishing a "tax neutrality" principle, which would treat property transfers to trusts as non-transactional, thus avoiding excessive taxation [10][20]. - Promoting pilot programs in existing real estate and equity trust registration areas could help reduce institutional costs and facilitate wealth transfer and public service [10][20]. Group 4: Inclusive Trust Products - The rise of inclusive trust products, such as family service trusts, lowers participation barriers, allowing middle-income families to access trust services [11][21]. - This trend reflects a return to the core of the trust industry, emphasizing the importance of wealth preservation and risk isolation for ordinary families [11][21][22]. - The promotion of inclusive trusts encourages a shift from short-term asset appreciation to long-term planning and family asset allocation, representing a new growth avenue for the trust industry [22].