On April 27, the People's Bank of China, the Bank of China Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued the "Guidelines on Regulating the Asset Management Business of Financial Institutions" (hereinafter referred to as "Opinions").

The Opinions stipulate that financial institutions must not directly invest capital of asset management products in credit assets of commercial banks.

In defining an asset management business, opinions first require financial institutions not to promise to protect their profits, and the products must not be redeemed in any form when they are difficult to redeem. Second, guide the financial institutions to change the expected rate of return model, strengthen the management of product net worth, and clarify the accounting principles. Thirdly, it is clear that the identification of rigid guaranty includes the protection of the product against the principle of determining the net value to protect the original income, the use of rolling issuance and other means to protect the proceeds, and to raise funds for itself or to commission compensation from other agencies. Fourth, punish the classification of violations.