from my perspective, definitely securitization.
structured products are a result of securitization. You pool many asset together package them into a tradeble asset and divided them into different tranches to meet different kinds of investment's demands. CMO, CDO are a good example. In US, the biggest part of securitization and structuring happens in mortgage market.

遥想什么时候这两块在国内能放开, 会创造出多少工作机会啊:-)

感觉国内比较可能证券化的会是包装后的土地...

Exactly! American people like borrowing money that's why they have so many securities. Mortgage backed securities or whatever those debt based security have a very limited space in China because we don't borrow money. There is Real Estate Investment Trust (REIT) that collecting funds from investors and invest in some real estate property and distribute the profit.