The latest data released by the China Trust Industry Association on the 22nd showed that at the end of the fourth quarter of 2021, the scale balance of trust assets in the whole industry was 20.55 trillion yuan, an increase of 60 billion yuan over 20.49 trillion yuan at the end of the previous year, a year-on-year increase of 0.29%, an increase of 110 billion yuan over 20.44 trillion yuan in the third quarter, a month-on-month increase of 0.52%. Although the growth rate is small, the trust industry has stopped falling and rebounded for the first time since 2018. Zhou Xiaoming, an expert director of China Trust Industry Association, said that the scale of trust assets managed by the trust industry has been in a gradual decline of negative growth from 2018 to 2020, and the scale has decreased to 22.70 trillion yuan, 21.61 trillion yuan and 20.49 trillion yuan respectively in three years, with a year-on-year decrease of 13.50%, 4.83% and 5.17% respectively. This downward trend showed obvious signs of stabilization in the first three quarters of 2021, and stopped falling and rebounded in the fourth quarter. Since the adjustment in 2018, although the scale of trust assets has decreased significantly, the operating income of the trust industry has maintained a relatively stable trend. According to the data, by the end of 2021, the operating income of the whole industry was 120.798 billion yuan, a slight decrease of 1.63% compared with 122.805 billion yuan at the end of the previous year. In addition, by the end of 2021, the total profit of the whole industry was RMB 60.167 billion, a year-on-year increase of 3.17%, and the per capita profit was RMB 1.9922 million, a year-on-year increase of 1.43%, which was a positive growth in the first year since 2018. From the source of trust property, the decline of single fund trust accelerated. At the end of 2021, the scale of single fund trust decreased to 4.42 trillion yuan, a decrease of 1.72 trillion yuan or 28.00% over the end of the previous year. From the perspective of trust function, the financing trust in the active management trust accelerated the decline, the investment trust continued to rise, the channel trust in the transaction management trust accelerated the decline, and the service trust increased rapidly. Among them, the scale of investment trust increased to 8.50 trillion yuan, an increase of 2.06 trillion yuan year-on-year, with an increase of 31.92%, which has become the main product form of active management trust. In this regard, Zhou Xiaoming said that by the end of 2021, the trust source structure had undergone substantial changes. In terms of the source of trust property, the trend of "one decrease and two increases" continued from 2018 to 2021, that is, the scale and proportion of single fund trust decreased significantly, the scale and proportion of collective fund trust increased steadily, while the scale and proportion of managed property trust increased significantly. From the perspective of trust investment direction, the proportion of capital trust investment in the securities market has increased significantly since 2020, accounting for 13.87% at the end of 2020 and 22.37% by the end of 2021. The ranking of all investment directions has also jumped from the fifth to the second in 2020, second only to industrial and commercial enterprises. Affected by the policies of regulating government platform financing and preventing and controlling local government debt risks, the proportion of capital trust investment in basic industries began to decline since 2020 and continued to decline to 11.25% by the end of 2021, a year-on-year decrease of 3.88 percentage points. Affected by factors such as regulating real estate financing and preventing and controlling real estate financial risks, the proportion of capital trust investment in real estate has also decreased since 2020, and continued to drop to 11.74% by the end of 2021, a year-on-year decrease of 2.23 percentage points. (Xinhua News Agency)