Beijing issues action plan to promote ESG management system

On May 15, 2024, the Beijing Municipal Commission of Development and Reform released the draft of the “Implementation plan for promoting high-quality development of the environmental, social and governance (ESG) system” and started soliciting comments. The deadline for comments was April 13, 2024. Compared with European and American countries, ESG management in China is still at the beginning stage, while the development is accelerating from the beginning of this time. On April 12, 2024, the Shanghai Stock Exchange, Shenzhen Stock Exchange and the Beijing Stock Exchange announced the “Guidelines for self-supervision of listed companies-Sustainable development report” on the same day, major companies such as those listed on both domestic and foreign stock markets will be required to disclose sustainable development reports from 2026.