Large companies disclosed ESG much more than small companies. More than half of bond issuers with assets over RMB200 billion (USD29 billion) issued ESG-related reports in 2021, compared to only 15% for issuers with assets under RMB50 billion. The disclosure ratio in 2021 was 93.8% for listed companies with a market value of more than RMB100 billion, while the ratios were 22.7% and 13.4%, respectively, for companies with a market value of RMB5-10 billion and less than RMB5 billion.
Of the 8,660 sample companies, 1,375 had set carbon emissions targets and measures in 2021, compared to 847 in 2018.
In terms of the social aspects, percentages of enterprises organising labour union activities, customer satisfaction surveys, supplier social responsibility assessments and investments in community projects continued to increase from 2018 to 2021.
By the end of 2021, there were more than 160 public ESG-related fund products, with nearly RMB400 billion in assets under management, compared to 65 products with below RMB40 billion in 2018. ESG-themed wealth management products developed rapidly and increased from 12 products in 2019 to 103 products, with outstanding volume of almost RMB100 billion, in 2021.
Since the first green bond was issued in 2016, the cumulative issuing volume of green bonds in China’s domestic markets reached RMB1,729 billion by the end of 2021, with an average annual growth rate of nearly 25% over five years.