In 2017，financial regulations have been tightening，various policies releasing and more financial institutions being penalized. As a result，the business environment of trust industry has changed greatly. Non-standard debt instruments for property developers are restricted，and LGFVs no longer have endorsement from governments. The control on interbank business is more stringent to eliminate fund idling，and entrustment loans return to the origin business. Also，the leverage for securities business is strictly controlled. In 2018，the new regulation of asset management industry was formally promulgated，the regulatory institutions have been integrated and reorganized，and the unified supervision of financial industry is coming.