Since the beginning of 2018，the trust industry has entered a period of strict supervision. In the first half of the year，the trust industry faced severe deleveraging and de-channeling supervision. With the increasingly severe economic and financial situation，the financial supervision policies represented by the implementation of the New Rules of Asset Management has undergone a moderate adjustment. Strict supervision of the trust industry also began to adjust. Even so，in the first three quarters of 2018，the trust industry witnessed a rare consecutive contraction in business scale. So to say，it has entered a recession cycle. We expect that in 2019，the strict supervision situation of the trust industry will be further relaxed. However，the risk management pressure from the competition and economic and financial situation may be further strengthened.