证监会上市司副司长张艳：逐步完善可持续披露制度
Zheng Quan Ri Bao Wang·2025-11-19 13:55

Core Insights - The quality of disclosure has significantly improved the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents seeing an upgrade in their ESG ratings, and the number of companies rated AAA or AA rising from 7.2% at the end of last year to 14% [1][2] Group 1: Sustainable Disclosure Framework - The new "National Nine Articles" emphasizes the establishment of a sustainable information disclosure system for listed companies, leading to a systematic planning of rules and pathways for sustainable disclosure [2][3] - The China Securities Regulatory Commission (CSRC) has guided the Shanghai, Shenzhen, and Beijing stock exchanges to develop mandatory rules for sustainable development reporting, marking the first comprehensive regulations in this area [2][3] - A total of 1,869 listed companies disclosed their 2024 sustainability reports, covering approximately 70% of the market's total market capitalization, with a disclosure rate of 34.7%, an increase of nearly nine times since the end of the 13th Five-Year Plan [3][4] Group 2: Governance and Strategic Alignment - 67.3% of companies that disclosed sustainability reports have established governance structures, while 63.9% disclosed strategic information, and 44.0% set and disclosed quantitative sustainability-related goals [4] - The number of listed companies focusing on strategic emerging industries such as new energy and environmental protection has reached 516, with a market value of 9.43 trillion yuan, representing increases of 88% and 126% respectively since the end of the 13th Five-Year Plan [4] Group 3: Growth in Sustainable Investment - The scale of sustainable investment has been continuously growing, with the combined scale of the CSI and National Sustainable Index products reaching approximately 125 billion yuan, more than doubling since the end of 2020 [4] - Foreign institutional investors are increasingly investing in the sustainable sector, particularly in Asia, with China being a focal point [5]