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China Trust Industry Report China Trust Industry Report Going Back to the Fundamental Purpose, Serving the Real Economy, Driving New Growth, Committing to Transformation The Boston Consulting Group in collaboration with China Foreign Economic and Trade Trust Co., Ltd February 2018 About China Foreign Economic and Trade Trust Co., Ltd. Founded in 1987, China Foreign Economic and Trade Trust Co., Ltd. (FOTIC) is one of the oldest trust companies in China. It is a wholly-owned subsidiary of Sinochem Group, one of the world’s top 500 companies, and is a vice president unit of the China Trustee Association. In the past 30 years, FOTIC’s service concept has been “prospects from promises.” It is dedicated to building a modern financial company through professional operations and business procedures that are innovative, service- oriented and people-oriented, in order to provide comprehensive and complete finan- cial solutions to clients. FOTIC focuses on six major business lines: small and micro finance, industry finance, securities & trusts, capital markets, financial institutions and wealth management. It has a headquarters in Beijing and regional headquarters in east, south, southwest and northwest China. Its has operations nationwide. For more information, please visit: www.fotic.com.cn. About The Boston Consulting Group The Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with offices in more than 90 cities in 50 countries. For more information, please visit bcg.com. Contents Preface 2 Executive Summary 4 1. China’s Trust Industry at a New Crossroads 8 1.1 China’s Trust Industry in Retrospect 8 1.2 Dramatic Change: China’s Trust Industry at a New Crossroads 11 2. What Is the “Fundamental Purpose” of China’s Trust Industry? 13 2.1 Learning from History: The Trust Industry Adapts to Change 13 2.2 Supply and Demand: Fundamentals of the Trust Industry 16 2.3 Demand: Five Trends in the Real Economy 17 2.4 Supply: Four Major Types of Service Trust Businesses 20 2.5 Looking Forward: Significance of the Development of China’s Trust Industry 22 3. Future Opportunities in China’s Trust Industry 24 3.1 Bright Prospects: Four Main Businesses Driven by Five Trends 24 3.2 Scale and Quality: Robust Growth, More Balanced Business Structure 26 4. How China’s Trust Industry Will Win in the Future 30 4.1 Shifted Momentum: An Era of Service-driven Trust Business 30 4.2 “Service +”: Three Models for Differentiation 32 4.3 Multi-pronged Approach: Strong Organization and Supporting Systems 40 5. Regulatory and Legal Environments for Transformation 52 5.1 Sound Regulatory System Unlocks Business Potential 52 5.2 Foster a Prosperous Trust Industry Through Laws and Regulations 53 Conclusion 56 China Trust Industry Report Going Back to the Fundamental Purpose, Serving the Real Economy, Driving New Growth, Committing to Transformation Preface A watershed in China’s financial history came in 2017. In his report at the 19th National Congress of the Communist Party of China (CPC), General Secretary Xi Jinping suggest- ed deepening reform of the financial system and enhancing the ability of the financial services industry to serve the real economy. The National Financial Working Conference decided to establish the State Council Financial Stability and Development Committee, putting financial regulation onto the central government’s agenda. In the longer term, financial work will focus on preventing systemic risk, serving the real economy, and pre- venting chaos in the financial sector. China’s financial market is going back to its funda- mental purpose. In 2017, the asset management market entered a new phase. The boom in pan asset management started in 2012, after financial institutions put into place profit-oriented and loose monetary policies, which allowed banks to grow. AuM has skyrocketed from RMB 27 trillion in 2012 to RMB 118 trillion in 2016, as the efficiency of investment and financ- ing has increased, and the industry has faced leverage and mismatch risks. The Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Draft for Comment), issued jointly by the PBOC and the SAFE, is a guiding example of this. Following these policy changes, competition in China’s asset management industry will become more orderly. Furthermore, 2017 was a milestone for China’s trust industry. Looking back, the indus- try has undergone many rounds of rectification. It has been stuck in a cycle of expansion followed by rectification. In 2007, after the “two new rules” were announced, the trust industry moved towards standardization and order. During this process, the industry has grown. It has continued to innovate and serve the needs of customers. Growing from RMB 960 billion in AuM in 2007 to RMB 23 trillion in mid-2017, trusts have played an im- portant role in the national economy, the people’s livelihood, and financial markets. The industry now stands at a new starting point. China Foreign Economy and Trade Trust Co., Ltd. · The Boston Consulting Group February 2018 China Trust Industry Report 3 The trust industry has a greater influence on society, the economy and financial markets, but the necessity for transition has grown even stronger. After ten years of rapid develop- ment, the external environment has become more complicated, and the structure of the industry has undergone major changes. Trust practitioners have started to reflect on exactly what “going back to fundamental purpose” really means. As a sub-industry in the financial sector, does the trust industry have business of its own? Facing competition from pan asset management, how will the trust industry develop in the future? How can trusts participate in the rise of fintech? As the industry calls for top-level planning, how should laws and regulations be improved? And how can the industry improve on the organizational support, institutional mechanisms, human resources, risk management, information technology and performance assessment required for business development? Standing at a crossroads, the industry faces confusion and challenges. The 30th anniversary of the establishment of FOTIC also falls in 2017. We have always insisted on innovating the industry development model. We firmly believe in the role of strategic leadership and research. In 2015, the FOTIC Research Institute released the first report on the development of the trust industry, “Searching for a Development Path Under the New Normal and New Mechanism.” In 2016, we released “Research on Busi- ness Strategy and Strategic Changes for the Trust Industry.” We hope that this report, produced in collaboration with The Boston Consulting Group, and researched and writ- ten over a period of 6 months, will make a modest contribution to the development of the trust industry. We carried out 63 internal and external expert interviews, covering more than half of China’s trust industry and 55 topics, including front, middle and back offices. We have sought to outline the development history of the trust industry, clarify its prospects and future direction, despite its complex appearance, and offer operational recommendations for the trust industry based on global experience, in-depth insight and practice. Going forward, both the global economy and the Chinese economy will enter a new phase. The competitive environment in China’s asset management will become more orderly, putting the trust industry stands at a new historical starting point. China’s trust industry has always recognized that “trustors” needs are the fundamental purposes of trusts. They aim to become the investment banking, asset management and wealth man- agement experts in the Chinese economy. We sincerely hope that this report will allow us to communicate more broadly with the industry, and offer our thoughts and suggested actions for its development. China Foreign Economic and Trade Trust Co., Ltd. February 2018 February 2018 China Foreign Economy and Trade Trust Co., Ltd · The Boston Consulting Group. 4 China Trust Industry Report Executive Summary Amid structural changes in economic growth, tightened financial regulation and fiercer competition, China’s trust industry has arrived at a new crossroads. Against this back- drop, what opportunities will there be for the trust industry, and how should it seize these opportunities? This report explores the future development path for China’s trust indus- try by examining the basics of the trust business, market opportunities, successful models, and the regulatory environment. I. The fundamental purpose of China’s trust industry lies in serving the real economy and people’s needs The trust industry covers a wide spectrum of businesses, which have continued to evolve over time. Analysis of mature trust markets in the United Kingdom, the United States and Japan shows that three drivers are behind the changes in the scope of trust business: the macro economy, the financial regulatory system, and the capabilities of trust com- panies. In China, macro-economic transformation is deepening. The financial system is underdeveloped, and the trust industry still enjoys considerable comparative advantages. Such new developments will enable China’s trust industry to enter a new stage of devel- opment, play new roles and build a new portfolio of functions. The basics of an industry reside in supply and demand. For the trust industry, demand arises from the development of the real economy and people’s needs, while the core functions of the trust business should be derived from its differentiated competitive ad- vantages.
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