The Trust Law was promulgated in 2001 and entered into force on October 1, 2001.

There are 74 articles in total.

The key points are as follows:

1.The trust refers to that the settler, based on his faith in trustee, entrusts his property rights to the trustee and allows the trustee to, according to the will of the settler and in the name of the trustee, administer or dispose of such property in the interest of a beneficiary or for any intended purposes.

2.The creation of a trust shall take the form of writing. The form of writing shall consist of trust contracts, testament, or other documents specified by laws and administrative regulations.

3.The trust property shall be segregated from the property owned by the trustee, and may not included in, or made part of his own property of the trustee. Where the trustee dies or the trustee as a body corporate is dissolved, removed or is declared bankrupt according to the law, and the trusteeship is thus terminated, the trust property shall not be deemed his legacy or liquidation property.

4.A trust created for one of the following purposes in the interest of public welfare is a public welfare trust: (1) relief for the poor; (2) relief assistance to people suffering from disasters; (3) helping the disabled; (4) developing education, science, technology, culture, art and sports; (5) developing medical and public health undertakings; (6) developing undertakings for the protection of the environment and maintaining ecological environment; and (7) developing other public welfare undertakings.

5.A public welfare trust shall be created and its trustee shall be appointed with approval by relevant public welfare undertaking administration authority.