How is corporate social responsibility regulated in China?

In China, corporate social responsibility (CSR) is regulated by the State Council’s “Green Development Strategy,” which promotes environmental stewardship and social responsibility among businesses. Companies in China must abide by the International Financial Reporting Standards (IFRS) to engage in sustainable business practices. Companies must also adhere to the Environmental Protection Law, which sets standards for environmental protection and pollution control. Additionally, China passed the Corporate Social Responsibility Law in 2008, requiring companies to provide financial assistance to communities where they operate. The China Business Ventures Law also imposes a number of regulations related to corporate social responsibility. Companies are required to adhere to labor standards, publically disclose environmental information, and establish systems to manage their environmental and social impacts. Any violations of these requirements can result in fines and other penalties. Companies are also expected to actively participate in social activities, including initiatives to promote economic and social development, labor and employment protection, and charity programs. Overall, China is committed to promoting corporate social responsibility in both local and foreign businesses, and has put in place various legal and financial incentives to encourage companies to adhere to their CSR requirements. Through increased regulation and greater transparency, China is increasingly moving towards sustainable and responsible business practices.

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How is corporate social responsibility regulated in China?

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