Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to supporting and guiding listed companies in enhancing the quality of sustainable disclosures, in line with the new "National Nine Articles" requirements [1][3]. Group 1: Disclosure Improvement - The disclosure rate of sustainable reports among listed companies has increased, with 1,869 companies disclosing their 2024 sustainable reports, resulting in an overall disclosure rate of 34.7%, a rise of approximately 10 percentage points compared to the previous two years [1][2]. - 99.3% of the companies that disclosed reports included quantitative indicators, with over 80% of these companies reporting more than 25 indicators [2]. - 62.1% of companies disclosed climate-related risks and opportunities, while 65.9% reported greenhouse gas emissions, showing a significant increase from 57.5% in the previous year [2]. Group 2: Governance and Focus - 67.3% of the companies that disclosed reports have established governance structures, and 63.9% disclosed strategic information, with 44.0% setting and disclosing quantitative sustainability-related goals [2]. - The introduction of guidelines has helped companies focus their sustainable disclosures, reducing confusion and lowering the cost of learning from domestic and international standards [2]. Group 3: Regulatory Framework - The CSRC plans to continue improving the disclosure system by guiding stock exchanges based on disclosure guidelines and adapting to corporate needs, with a focus on policy evaluation after mandatory disclosures begin next year [3][4]. - Approximately 400 companies are required to disclose under the mandatory guidelines, which cover over half of the market's total market capitalization [3]. - The CSRC encourages voluntary disclosures from companies not in the mandatory category, promoting a balanced approach to sustainability reporting [3][4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the sustainable disclosure system for listed companies, focusing on quality and relevance rather than merely increasing the number of disclosures [1][2]. Group 1: Sustainable Disclosure System - The CSRC is guiding the Shanghai, Shenzhen, and Beijing stock exchanges to develop mandatory guidelines for sustainable disclosure, marking the first systematic regulations in this area in China [1][2]. - The revised "Management Measures for Information Disclosure of Listed Companies" mandates that companies publish sustainable development reports according to exchange regulations, establishing a dual system of mandatory and reference guidelines [2][3]. Group 2: Disclosure Rate and Quality - In 2024, 1,869 listed companies disclosed sustainable reports, achieving an overall disclosure rate of 34.7%, an increase of approximately 10 percentage points from the previous two years [2][3]. - 99.3% of companies included quantitative indicators in their reports, with over 80% disclosing more than 25 indicators, indicating a trend towards more detailed and objective reporting [2][3]. Group 3: Governance and Focus Areas - 67.3% of companies have established governance structures for sustainability, and 63.9% disclosed strategic information, reflecting a shift from mere reporting to proactive governance [3]. - The introduction of guidelines has clarified the focus areas for companies, leading to increased attention on issues such as climate change and fair treatment of small and medium enterprises [3][4]. Group 4: ESG Ratings and Future Directions - By the end of last year, one-third of companies in the Shanghai and Shenzhen markets saw improvements in their MSCI ESG ratings, with the proportion of companies rated AAA or AA rising from 0% five years ago to 7.2% [3][4]. - The CSRC plans to continue supporting high-quality sustainable disclosures, emphasizing the importance of practical guidance and training for companies to enhance their sustainability awareness [4][5].

Group 1 - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on sustainable development practices and policies [1][4] - The conference will feature a keynote speech by Bi Xiaoying, a senior official from the China Securities Regulatory Commission, emphasizing the importance of high-quality disclosure in sustainable practices [3][4] - Approximately 400 companies are required to disclose sustainability reports, with 95% of them already having done so ahead of the 2026 deadline, indicating a strong foundation for compliance [3][4] Group 2 - The conference aims to enhance awareness of sustainable development among enterprises and provide training and case studies to help identify and disclose significant risks and opportunities in sustainability [4][6] - The event will gather around 500 prominent guests, including international leaders, Nobel laureates, and executives from Fortune 500 companies, to discuss nearly 50 topics related to sustainability [5][6] - The core theme of the conference is "Global Action, Innovation, and Sustainable Growth," aiming to inject "Chinese momentum" into global sustainable governance [4][5]

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on sustainable development and high-quality disclosure [1][3] - The China Securities Regulatory Commission emphasizes the importance of high-quality development as the core of sustainable disclosure, advocating for practical guidance and regulatory oversight [1][2] Group 1: Sustainable Disclosure - The core of sustainable disclosure is high-quality development, which requires effective sustainable practices to ensure meaningful reporting [1][2] - There has been a significant improvement in sustainable disclosure among listed companies, including increased disclosure rates and more substantial governance related to sustainability [1][2] - The regulatory framework will continue to evolve, drawing on international best practices while avoiding extreme measures [2] Group 2: Conference Details - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [3] - Approximately 500 prominent guests, including 100 international attendees, will participate, featuring leaders from various sectors, including Nobel laureates and executives from Fortune 500 companies [3] - The conference will cover nearly 50 topics related to sustainable development, including energy, green finance, and technology [3]

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on high-quality sustainable disclosures by listed companies [1] Group 1: Sustainable Disclosure Framework - The China Securities Regulatory Commission (CSRC) aims to improve the sustainable disclosure system by learning from international practices while ensuring it aligns with local conditions [2] - The CSRC's guidelines for sustainable reporting have been designed to balance international standards with the specific challenges faced by Chinese companies, allowing flexibility in certain disclosure metrics [2][3] - Approximately 400 companies are required to disclose sustainability reports, representing over 50% of the market's total market capitalization, with 95% of these companies already having reported ahead of the mandatory deadline [3] Group 2: Practical Implementation and Guidance - The focus is on high-quality development as the foundation for effective sustainable disclosure, emphasizing that real sustainable practices lead to better reporting [4] - The conference will feature exemplary practices from leading Chinese companies, aiming to enhance awareness and training on sustainable development among listed companies [4][5] - The event will gather around 500 influential guests, including international leaders and experts, to discuss various topics related to sustainability, including energy, green finance, and sustainable consumption [5]

Group 1 - The Ministry of Finance of China has jointly developed guidelines for corporate sustainable disclosure and anti-money laundering management for accounting firms [1][2] - The sustainable disclosure guidelines include eight sections related to the value chain and emphasize the need for companies to reassess their sustainable risks and opportunities in the event of significant changes [1] - The guidelines aim to inform various stakeholders, including governments and other interested parties, about the actual and potential impacts of corporate activities on economic, social, and environmental sustainability [1] Group 2 - The anti-money laundering management measures consist of five chapters and thirty-two articles, requiring accounting firms to establish internal controls that align with their risk profiles [2] - Accounting firms must regularly identify and assess money laundering risks and implement appropriate risk management measures based on these assessments [2] - Enhanced due diligence measures are mandated for clients from high-risk countries, those under investigation for money laundering, and politically exposed persons, among others [2]

Group 1 - The Ministry of Finance of China has jointly developed two accounting regulations focusing on sustainable disclosure and anti-money laundering [1][2] - The guidelines for corporate sustainable disclosure include eight sections related to the value chain and emphasize voluntary implementation by companies before mandatory requirements are established [1] - The guidelines aim to inform sustainable information users, including investors, creditors, and government entities, about the actual or potential impacts of corporate activities on economic, social, and environmental aspects [1] Group 2 - The anti-money laundering management measures consist of five chapters and thirty-two articles, requiring accounting firms to establish internal control systems that align with their risk profiles [2] - Accounting firms must regularly identify and assess money laundering risks and develop appropriate risk management measures based on these assessments [2] - Enhanced due diligence measures are required for clients from high-risk countries, those involved in investigations for money laundering, and politically exposed persons [2]

Core Viewpoint - The report highlights the continuous deepening of China's green finance system, with local pilot projects accelerating, market scale steadily expanding, and innovative products emerging, providing strong financial support for the "dual carbon" goals [1]. Group 1: Policy Dynamics - In the first five months of 2025, numerous green finance policies were introduced, with central and local efforts working in tandem to accelerate the formation of a multi-level green finance system [2]. - Shanghai has established a "1+N+X" green finance organizational structure, while Jiangsu has launched a "1+N+N" transformation financial support directory targeting eight high-carbon industries [2]. - The National Development and Reform Commission released a new version of the "Green Technology Promotion Directory," covering 112 low-carbon technologies [2]. - China successfully issued 6 billion yuan in green sovereign bonds on the London Stock Exchange, indicating strong international market recognition of Chinese green assets [2]. Group 2: Market Data - In the first five months of 2025, China's green finance market maintained high activity levels, with 236 new green bonds issued, totaling 411.03 billion yuan [3]. - The balance of green loans reached 40.61 trillion yuan by the end of March 2025, reflecting a year-on-year growth of 34.2% [3]. - The national carbon market saw a trading volume of 22.74 million tons and a transaction value of 1.751 billion yuan from January to May [4]. Group 3: Innovation and Product Diversification - In May 2025, several innovative green finance products were launched, including the first "green + rural revitalization + dual basin" labeled bond [5]. - Agricultural Development Bank introduced the "twin green bond" mechanism, exploring market comparisons between green and ordinary bonds [5]. - Industrial and Commercial Bank launched a multi-currency carbon-neutral offshore bond, focusing on clean transportation and renewable energy projects [5]. Group 4: Outlook - Green finance is becoming a key engine for high-quality economic development, with expectations for further advancements in climate investment and financing trials, unified ESG standards, and continuous industrialization of green technologies [6][7].

Core Insights - Hong Kong's Treasury Bureau reported that by March 31, 2025, there will be 218 ESG funds recognized by the Hong Kong Securities and Futures Commission, with an asset management scale of approximately $139.2 billion (around HK$1,085.7 billion) [1] - In 2024, the total amount of green and sustainable debt issued in Hong Kong is expected to exceed $84 billion (approximately HK$65.52 billion), with around $43 billion (about HK$33.54 billion) arranged for issuance in Hong Kong, maintaining the leading position in the Asia-Pacific region for seven consecutive years, accounting for about 45% of the regional total [1] - The Hong Kong government is committed to promoting green and sustainable finance through a multi-faceted strategy, collaborating with financial regulators and the industry to provide infrastructure and momentum for market development [1] Group 1: Market Development - The Treasury Bureau continues to encourage more green and sustainable financing activities in Hong Kong through the "Green and Sustainable Finance Grant Scheme," attracting more financial and professional service providers to establish a comprehensive ecosystem for green finance [2] - As of the end of April this year, over 560 green and sustainable debt instruments have been funded under the scheme, involving a total debt amount exceeding $150 billion (or HK$1,170 billion) [2] Group 2: Sustainable Disclosure - The Treasury Bureau launched the "Hong Kong Sustainable Disclosure Roadmap" in December last year, providing a clear path for large public accountability entities to fully adopt ISSB standards by 2028, making Hong Kong one of the first jurisdictions to align local standards with international financial reporting sustainability disclosure standards [2] - The Hong Kong Stock Exchange has begun phased implementation of new climate information disclosure regulations based on ISSB Standard No. 2: Climate-related Disclosures since January this year [2] Group 3: Skills Training and Collaboration - The Treasury Bureau continues to promote the "Green and Sustainable Finance Training Pilot Scheme," encouraging local qualified practitioners, relevant professionals, and students to participate in training, with over 6,400 successful applications for funding amounting to approximately $35.8 million as of April this year [3] - The pilot scheme will be extended until 2028, with 92 eligible training courses and qualifications provided by local universities, professional institutions, and international training organizations [3] - Hong Kong will host the second "Hong Kong Green Week" in September this year, themed "Building a Sustainable Future Together," covering various sustainable development topics through meetings, roundtable discussions, workshops, and other exchange activities [3]