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Platform to register trust products set up SHANGHAI, Apr. 26 -- China's first registration platform for trust products has been formed in Shanghai's Pudong New Area as part of efforts to improve monitoring of the financial sector. Investors now can obtain information on more than 250 trust products managed by 21 mainland companies on the Website of the Shanghai Trust Registration Center, a state-led agency established last June. "After one year of preparation, we've formed a basic mechanism for the registration of trust products," said Wang Wanzhen, deputy director of the center. "We hope to boost the trust sector's credibility and contribute to its healthy development." The center, launched by the Pudong New Area government and backed by China's banking regulator, has expanded the number of its members to 21 from six initially, according to Wang. The member companies, which are major industry participants, have agreed to register their trust products with the center, offering basic information and investment portfolios which investors can access and be aware of. Chinese financial authorities are encouraging domestic trust companies to expand but are also imposing strict capital and governance thresholds to combat risks and speculation widely seen in the 1990s. In 1999, the central government began to revamp the ailing trust industry after the Guangdong International Trust and Investment Co collapsed amid the Asian financial turmoil. During the overhaul, the central bank slashed the number of mainland trust companies to 56 by weeding out around 200 unprofitable ventures. The Pudong-based center yesterday set up a special board to include trust specialists, law experts and economists. "We will add new contents including a data analysis system to our existing registration platform in the next stage," said Wang. "We will also strengthen cooperation with both regulators and trust companies in terms of information exchange to ensure its accuracy and safety."

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