In addition to the supervisory investigation of various banks, the seven state-owned banks and ten joint-stock banks have organized discussions on the new regulations of the asset management industry, and provided positive feedback on the proposed changes so as to ensure a stable policy implementation. In our opinion, it is best to postpone the new regulations to be finalized after the People's Congress and Chinese People's Political Consultative Conference (the "Lianghui", or the “two meetings”) next year. Having enough time can lay a better foundation for the new regulations. A series of macroeconomic developments in the "two meetings" next year may create a more positive supporting environment for them.