细化企业可持续披露准则，财政部发布“应用指南”征求意见稿

Core Viewpoint - The Ministry of Finance has released a draft application guide for the "Corporate Sustainable Disclosure Standards - Basic Standards (Trial)" to refine corporate sustainable information disclosure norms, emphasizing alignment with international standards and incorporating Chinese characteristics [1][2]. Group 1: Key Principles and Guidelines - The application guide is based on three principles: refinement of the Basic Standards, alignment with international standards, and incorporation of Chinese characteristics [1]. - The guide focuses on nine core issues, highlighting the importance of the value chain in sustainable information disclosure [2]. - Companies must reassess their value chain and related sustainable risks and opportunities when significant changes occur in their business model or structure [2]. Group 2: Importance of Financial and Non-Financial Information - The guide emphasizes the need for companies to link sustainable information with financial statements, reflecting overall performance and long-term value creation [2][3]. - A four-step assessment method is proposed for evaluating the importance of risks and opportunities, combining quantitative and qualitative approaches [3]. Group 3: Coordination with Existing Guidelines - The guide complements the "Listed Companies Sustainable Development Report Compilation Guidelines" issued by the three major stock exchanges, indicating a unified approach to corporate sustainable disclosure [4][5]. - The stock exchanges aim to help listed companies understand and comply with sustainable development reporting requirements, enhancing the quality of disclosures [5]. Group 4: Future Directions and Industry-Specific Guidance - The application guide includes both general and industry-specific guidelines to assist companies in identifying and disclosing significant sustainable information [5]. - The development of unified sustainable disclosure standards in China is an ongoing process, with suggestions to incorporate international practices for ESG themes not yet covered by national standards [5].