China is opening its doors wider by tapping into the resources of both domestic and external markets as well as promoting international cooperation. This was the clarification made by China Banking and Insurance Regulatory Commission's former chairman Shang Fulin of the “internal circulation” raised by President Xi Jinping in 2020. During the Asian Financial Forum, Shang said China will open its doors wider to the world in the future and not the other way around. Speaking at the same event, Ashley Alder, the chief executive of Securities and Futures Commission, said more quantitative ESG reporting is needed so that regulators can monitor the progress of sustainability in different industries more effectively. The International Financial Reporting Standards Foundation is currently working on a unified ESG reporting standard to mitigate greenwashing behaviours by increasing the consistency and comparability of the standard.
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