On May 18, the 2022 annual meeting of China's trust industry was held online. Xiao Yuanqi, member of the Party committee and vice chairman of the China Banking and Insurance Regulatory Commission, said at the annual meeting that to study the implementation of classified supervision of trust companies, we should initially consider differentiated supervision of trust companies in terms of business scope and development region according to their regulatory rating, resource endowment, entrusted management and risk resistance, and encourage trust companies to take the road of differentiated and characteristic development. Improve the classification of trust business "Whether the trust industry can achieve long-term and healthy development in the future depends on whether the trust industry can play an irreplaceable or even irreplaceable function in the financial system, and whether the trust company can rely on its own professional ability and reputation to win the trust of the client. Only when the client has confidence in the trust industry and trust in the trust company, will the property be entrusted to the trust company for management." Xiao Yuanqi said. He pointed out that improving the classification of trust business is also solving the problem of investors' trust in the trust industry. Xiao Yuanqi believes that in order to promote the smooth transformation and development of the trust industry, we should do a good job in two aspects: one is to classify the trust business scientifically. The trust business is divided into three categories: asset management trust, asset service trust and public welfare / charity trust, and further subdivided on this basis. Clarify the boundaries of different trust businesses through scientific classification, and make the expression of different trust businesses easier to understand and concise, so as to facilitate the understanding of the whole society, especially the trust trustor. Second, study and implement the classified supervision of trust companies. It is preliminarily considered to carry out differentiated supervision on trust companies in terms of business scope and exhibition region according to their regulatory rating, resource endowment, entrusted management and risk resistance, so as to encourage trust companies to take the road of differentiated and characteristic development. Lai Xiufu, director of the trust department of the China Banking and Insurance Regulatory Commission, said that we should continue to further promote the reform of the trust industry classification system and solve the problems of unclear boundary, unclear positioning and unclear connotation of the current business classification system. We should explore and study classified supervision to match the development and space of trust companies with their own capabilities. Work around "stability, progress and reform" Lai Xiufu said that the general idea of the current trust supervision is to promote the high-quality development of the trust industry as the main line and focus on the three character policy of "stability, progress and reform". "The general tone of this year's trust supervision work is to adhere to the word 'stability', steadily prevent and resolve disposal risks, and hold the bottom line of no systemic risks." Lai Xiufu pointed out that "stability" is the premise of "progress" and "reform", and "stability" is to firmly keep the risk bottom line. We should further strengthen risk monitoring and early warning and improve the ability of early detection, early intervention and early disposal of risks. We should improve the quality and efficiency of risk disposal, especially pay attention to compaction of risk disposal responsibilities in all aspects, coordinate and mobilize resources in all aspects, avoid the single fight of regulatory authorities, accurately "dismantle bombs", deal with the risks of high-risk trust institutions, avoid risk infection and spread, and prevent the risk of disposal risks. "Entering" is to further promote the transformation of the industry. He said that at present, the transformation trend is clear, but the road ahead is still arduous. The whole industry should strengthen confidence and make continuous efforts to the role and positioning of the quasi trust industry. At the same time, we should get rid of the bad habits of historical development, abandon traditional businesses such as shadow banking channels and non-standard capital pools, actively explore innovation and change, develop real trust businesses that not only reflect the origin of the trust system, but also benefit the economy and society, and strive to make a difference in serving the real economy, improving social governance capacity, factor market-oriented reform and other fields. We should improve the entrusted service ability, take building high-standard and high-quality corporate governance ability as the guide, and comprehensively improve the ability of risk management, asset management, comprehensive services and information technology, so as to ensure that the transformation and development is stable and not biased. "Reform" is to reform and improve the system and mechanism of trust industry development. He mentioned that the imperfect legal environment has always been a major obstacle to the healthy development of the trust industry and one of the major issues concerned by the industry. "We will continue to promote the revision of the trust law, further promote the formulation of trust company regulations, constantly enrich and improve the practice of trust justice, and improve the legal environment for the development of the trust industry." Lai Xiufu said that in the next step, we will continue to reform the guarantee mechanism of the trust industry, improve the trust product registration and data collection functions of trust registration companies, guide the trust industry associations to play the role of self-discipline organizations and standardize the development of the industry. Regulatory authorities should also strengthen their own construction, strictly implement regulatory responsibilities, improve business level, improve regulatory methods and enrich regulatory toolbox. (Xinhua News Agency)