The plan requires the economy to maintain medium and high-speed growth and expand new development space. First, with the "Belt and Road" construction, the coordinated development of Beijing-Tianjin-Hebei and the construction of the Yangtze River Economic Belt as the guide, give play to the radiation-driven role of urban agglomerations and expand the space for regional development. The second is to support the optimization and upgrading of traditional industries and expand the space for industrial development. The third is to give play to the basic role of consumption in economic growth and promote the upgrading of consumption structure with the focus on expanding the service industry. The fourth is to implement major public facilities and infrastructure projects and accelerate the opening of competitive business in the field of natural monopoly.
The above requirements have important guiding significance for the business transformation and upgrading of trust companies. In terms of business layout, trust companies should pay more attention to new areas of economic growth in the future and carry out business around the national regional development strategy; In the commercial field, increase the transformation and upgrading of traditional industries and commercial development in the consumer field, and truly support the growth of the real economy; In the infrastructure business, on the basis of the original business advantages, the business model should be upgraded in an all-round way, and the financing cost and government debt pressure should be reduced through PPP and regional development funds.
Second, financial service innovation brings new opportunities for model transformation.
The plan clearly puts forward "developing financial services to meet the needs of innovation and promoting the financing method of combining high-yield bonds with stock bonds". The traditional trust financing model is also considered to have the characteristics of high-yield private debt, and the flexible product design of trust can also realize the combination of stock and debt. However, due to its non-standardized characteristics, there are some shortcomings in product liquidity and risk slow release. With the further advancement of interest rate marketization, the market risk-free interest rate and risk premium will be separated, and the richness and liquidity of products in the bond market will be greatly improved. Trust companies should actively face the new situation of financial market development and innovation, make use of their own advantages in obtaining high-quality assets, risk control and product design, vigorously carry out investment banking business, actively help counterparties to issue new products combining bonds, asset-backed securities and stock bonds, and strive to realize the transformation of non-standard business to standardized mode.
Third, the rise of emerging industries has brought new opportunities for equity investment.
Emerging industries are related to the core competitiveness of the country in the future. The "Thirteenth Five-Year Plan" has repeatedly emphasized the need to expand the development space of emerging industries from different angles and support the development of emerging industries such as energy conservation and environmental protection, biotechnology, information technology, intelligent manufacturing, high-end equipment, new energy and new materials. Different from enterprises in traditional trust and investment fields such as real estate and infrastructure, enterprises in emerging industries are mostly in the initial stage or growth stage, with little or unstable cash flow and insufficient assets suitable for loan mortgage, so it is difficult to participate in the traditional financing business model. In fact, the biggest feature of emerging industries is high growth, which is suitable for conducting business in the form of equity investment or the combination of stocks and bonds. Therefore, trust companies can focus on equity investment in emerging industries and strive to achieve breakthroughs in asset management. On the one hand, it is necessary to improve professional investment ability and active management ability, on the other hand, it is necessary to deeply understand the actual needs and development laws of emerging industries and related enterprises. It is possible to launch industrial investment funds in related fields in conjunction with professional institutions, and leverage more social resources with the help of trust platforms to provide comprehensive investment and financing services for emerging industries.
Fourth, the reform in the financial sector has brought new opportunities to the capital market.
In the field of financial reform, the Thirteenth Five-Year Plan points out that it is necessary to actively cultivate an open, transparent and healthy capital market and promote the reform of the stock and bond issuance and trading system; Develop angel, entrepreneurship and industrial investment, and deepen the reform of GEM and New Third Board; Promote the marketization of interest rates and so on. This series of requirements provides a strong impetus for the rapid development of the capital market, and also brings new development opportunities for trust companies to carry out capital market business. On the one hand, the market-oriented reform of the issuance and trading system and the construction of a multi-level capital market system will greatly improve the transaction efficiency, reduce the investment exit cost, and help trust companies to carry out private equity investment business in the primary market. On the other hand, cultivating an open and transparent capital market and providing a good trading environment for the secondary market is conducive to promoting the long-term sustainable prosperity of the secondary market. Trust companies should also seize the investment opportunities in the secondary market and carry out active management business such as securities investment and private placement.
The verb "internet plus" (the abbreviation of verb) brings new opportunities for trust to benefit.
The 13th Five-Year Plan proposes to implement the "internet plus" action plan, promote the integrated development of Internet and economy and society, and lay out the next generation Internet in advance. The combination of internet and trust system can realize the beneficial effects of trust system. On the one hand, Internet technology can effectively expand the target customers. Although the qualified investors of trust companies have strict regulatory requirements, the main way is private placement; However, the use of internet technology and automatic management means not only expands the coverage of customers, improves the efficiency of customer service, but also improves the user experience of customers. On the other hand, Internet technology makes it possible to carry out personal comprehensive trust business. Using Internet technology, combined with the institutional advantages of trust spanning money market, capital market and real economy, and the unique functions of trust system in wealth inheritance and property preservation, trust companies can develop individual trust comprehensive accounts with multi-level functions such as cash management, investment and wealth management, payment and consumption, wealth inheritance, etc., and truly realize all-round interaction with customer needs through the trust company's resource integration ability.
Sixth, the two-way opening of the financial industry has brought new opportunities for overseas business.
The 13th Five-Year Plan calls for promoting the convertibility of RMB capital account in an orderly manner, relaxing foreign exchange restrictions on overseas investment and relaxing foreign exchange management requirements for enterprises and individuals. With the improvement of China's economic openness, the demand for global asset allocation of domestic high-net-worth individuals is also increasing, and the deregulation of capital projects will further reduce the cost of cross-border capital flows. In this context, financial institutions with international vision and experience in international financial market operation will have core competitiveness. Therefore, trust companies should actively build an international business platform, apply for overseas investment business qualifications, set up professional teams, improve overseas asset management capabilities, and meet the overseas asset allocation needs of domestic people. On the other hand, with the internationalization of RMB, the scale of offshore RMB funds has expanded rapidly. According to the data of Hong Kong Monetary Authority, the scale of offshore RMB fund pool in Hong Kong has exceeded one trillion yuan, and the demand for offshore RMB asset management is huge. Trust companies should also seize the business opportunities of overseas asset management, set up offshore asset management institutions, set up overseas fund raising channels, and open up domestic and foreign channels for capital and asset allocation, so as to make cross-border business develop in a two-way coordinated manner.
Seven. The deepening of financial supervision brings new opportunities for inter-bank cooperation.
The "Thirteenth Five-Year Plan" focuses on strengthening the overall coordination of financial supervision, reforming and improving the financial supervision framework adapted to the development of modern financial markets, and achieving full coverage of financial risk supervision. This means that in the future, the inter-bank cooperation business of trust companies, which mainly focuses on channel and regulatory arbitrage, will further shrink, and the inter-bank cooperation that truly reflects the trust value is the future development direction. Trust companies should give full play to their advantages of strong asset acquisition ability, flexible transaction structure design and rapid business decision-making, improve their professional ability and active management ability, expand in-depth cooperation in cash management, asset securitization, entrusted services and other business fields, and realize complementary advantages and mutual benefit and win-win with peer institutions.
In short, the Thirteenth Five-Year Plan period is also a crucial period for the transformation of the trust industry. Trust companies should not only bravely face new challenges, but also seize new opportunities, stick to their own advantages, enhance their professional capabilities, innovate business models, lay out emerging fields, constantly improve their risk management capabilities, effectively enhance their core competitiveness, and achieve successful transformation at an early date.