Zhong Guo Ji Jin Bao·2025-11-19 15:25Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to gradually improving the sustainable disclosure system for listed companies, emphasizing high-quality development and effective implementation of policies [1][2]. Group 1: Sustainable Disclosure System - The CSRC has established a systematic and distinctive sustainable disclosure rule framework for listed companies, which aligns with international standards [2][3]. - In April 2024, the CSRC guided the Shanghai and Shenzhen Stock Exchanges to create mandatory guidelines for sustainable development reporting, marking the first comprehensive regulatory framework in China [2]. - The CSRC is enhancing the adaptability and operability of disclosure rules by addressing practical challenges and providing detailed guidance for companies [3]. Group 2: Quality and Coverage of Disclosure - In 2025, 1,869 listed companies published sustainable reports, representing approximately 70% of the 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 [4][5]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators [5]. - The disclosure of climate-related risks and opportunities has improved, with 62.1% of companies reporting on these aspects, and 65.9% disclosing greenhouse gas emissions, a significant increase from the previous year [5]. Group 3: Impact on Corporate Governance and Investment - High-quality disclosures have enhanced the international image of Chinese listed companies, with 36.8% of MSCI China A-share index constituents seeing an improvement in ESG ratings [5]. - The number of companies with leading ESG ratings (AAA, AA) rose from 7.2% at the end of 2024 to 14%, marking the largest increase in recent years [5]. - Companies are increasingly aligning with national strategies such as the "dual carbon" goals, with 516 companies in strategic emerging industries, achieving a market value of 9.43 trillion yuan, representing growth of 88% and 126% since the end of the 13th Five-Year Plan [6]. Group 4: Growth of Sustainable Investment - The scale of sustainable investment has significantly increased, with the combined size of the China Securities and National Securities sustainable indices reaching approximately 125 billion yuan by the end of October 2025, more than doubling since the end of 2020 [6]. - There is a growing interest from foreign institutional investors in sustainable investments, particularly in the Asia region, including China [6].