中国的ESG整合： 实践指导和案例研究 (ESG integration in China: practical guidance and case studies)
New research by CFA Institute and Principle for Responsible Investment (PRI) revealed that the unique combination of international client demand and regulation has accelerated ESG investing in China and had a ripple effect on its investment value chain. The new guidance was sourced through a series of interviews with key players such as People’s Bank of China, the Asset Management Association of China (AMAC) and Chinese investment managers; and workshops in Beijing (supported by AMAC), Hangzhou, Shanghai, and Shenzhen.
Based on the research, asset owners are researching the benefits of ESG investing and how new policies, regulations, and rules are likely to influence their investment performance. Investment managers are preparing for and responding to investors’ ESG demands and studying how to integrate ESG factors into their company holdings and portfolios. Companies are looking into how to manage and report on their environmental footprint and trying to understand how to differentiate themselves from their peers.
“We are seeing strong momentum behind ESG integration in China, which is highly significant, given that China is the second largest market in the world. As in all markets, education around the benefits of ESG investing has been key. The adoption of high-quality practices is now part of the investment strategy of Chinese investment managers and competes with those of leading investors in other parts of the world,” said Luo Nan, Head of China, PRI.
“Against the backdrop of further opening-up of China’s capital market and its increasing attraction to global investors, ESG is also becoming a topic that draws considerable attention from investment management sector, said LJ Jia, Senior China Country Head, CFA Institute. We have been making continuous efforts to advance research on ESG integration and related practices. Meanwhile, we will continue to leverage our body of knowledge as well as standards of ethics and professionalism, to help develop premium financial talents with global best practices and contribute to the build-up of human capital essential to the development of the ESG ecosystem.
This tremendous amount of interest for guidance and insights on the prevalence and implication of ESG investing across the investment value chain inspired us to create our latest report “ESG integration in China: Guidance and Case Studies”. The report includes
- An explanation of ESG integration as a risk-mitigation and alpha-generation tool;
- Overview of best practices in equities, corporate bonds, sovereign debt, municipal bonds and structured credit;
- An ESG integration framework that contains a comprehensive collection of ESG integration techniques that are utilised across the world;
- Detailed analysis on the state of ESG integration and data disclosure in China;
- Interviews with the People’s Bank of China and the Asset Management Association of China (AMAC);
- Interviews with China Asset Management Co., Ltd; E Fund Management Co., Ltd; Harvest Fund Management; Hwabao WP Fund Management Co., Ltd;
- Case studies from E Fund Management Co., Ltd; Hwabao WP Fund Management Co., Ltd; Insight Investment; and Breckinridge Capital Advisors.
Through the abovementioned interviews with key players as well as the four workshops hosted by CFA Society Beijing, CFA Society Shenzhen (supported by AMAC), and charterholders in Hangzhou and Shanghai, we have identified multiple forces driving the high momentum – albeit from a low base - behind ESG investing practised by local investors. It also includes the addition of the China A market in major international indices which has required international investors to increase their exposure to China. Top-down pressure has also been a major driver initiated through the Chinese government “Guidelines for Establishing a Green Financial System (GEGFS)”. Also supporting the growth of ESG investing are important institutions such as China Securities Regulatory Commission (CSRC), AMAC and Shanghai Stock Exchange and Shenzhen Stock Exchange.
For further reading, CFA Institute and Principle for Responsible Investments have released the following reports:
- Guidance and case studies for ESG integration: equities and fixed income
- ESG integration in the Americas: markets, practices and data
- ESG integration in Asia Pacific: markets, practices and data
- ESG integration in the Europe, the Middle East, and Africa: markets, practices and data
About CFA Institute
CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion of ethical behavior in investment markets and a respected source of knowledge in the global financial community. Our aim is to create an environment where investors’ interests come first, markets function at their best, and economies grow. There are more than 168,000 CFA charterholders worldwide in 164 markets. CFA Institute has nine offices worldwide and there are 156 local member societies. For more information, visit www.cfainstitute.org or follow us on Twitter at @CFAInstitute and on Facebook.com/CFAInstitute.