To verify the effectiveness of Banking Regulatory Commission's “New Deal” and the financial crisis on the efficiency of the Chinese Trust Industry, data envelopment analysis (DEA) was conducted to analyze the operational efficiency of our 37 trust companies in 2008. Empirical results have shown that the technical efficiency of China's trust is generally low, and the mean is only 0.507, which is mainly due to the low scale efficiency and the pure technologies. Meanwhile, this paper reviews the total factor productivity dynamics in China's Trust industry from 2004 to 2008 with Malmuiqst productivity index, and the results have shown that the total factor productivity in the Chinese trust industry has a more significant improvement in total factor productivity growth, which results mainly from the technological change. Also, the technical efficiency change tribute is low.