The specific six rectifications are as follows:
1982, the State Council decided to clean up the trust industry, began to strictly limit the establishment authority of trust companies, and unified unplanned trust business into the national trust plan and fixed assets investment plan for comprehensive balance.
1985, in view of the situation that 1984' s national funds were out of control and the currency circulation was too large, the State Council requested to stop handling trust and trust investment businesses, and the businesses already handled should be cleaned up and contracted, and the sources of funds for the trust industry should be restricted in the following year;
1988 the central government and the State Council issued a document to clean up and rectify trust and investment companies. In the same year 10, Bank of China began to rectify trust and investment companies. In the second year, in view of the rapid development of various trust and investment companies (exceeding 1 10,000 at the peak) and chaotic management, the State Council further cleaned up and rectified trust and investment companies;
1993, in order to control the chaos in the financial system, the State Council began to comprehensively clean up the trust and investment companies approved by the people's banks at all levels; 1995, the head office of the national bank re-examined and registered non-bank financial institutions nationwide, requiring state-owned commercial banks to decouple from the trust and investment companies they operate;
1999, in order to prevent and resolve financial risks, the head office of the State Bank decided to comprehensively rectify and merge the existing 239 trust and investment companies, re-standardize the scope of trust and investment business according to the principle of "trust first, separate operation, scale operation and strict supervision", separate banking, securities industry from trust industry, and set strict conditions for the establishment of trust and investment companies;
In 2007, the "new trust policy" was implemented, which reduced the inherent business of trust companies and highlighted the main business of trust. It was stipulated that trust companies should not carry out creditor's rights business other than interbank lending, and in principle, they should not invest in industries with inherent property.
To sum up, the trust industry in China has undergone six large-scale clean-ups.