In China, as in other countries, ESG factors are becoming more and more important in the investment discourse and, in particular, in the reporting of public companies. However, if factor E (environmental) is actively discussed both within public companies and by the Chinese government, then reporting on factors S (social) and G (governance) is still in its infancy, since it must be borne in mind that the Chinese private sector is in in conjunction with the official rhetoric of the Chinese government, and the difference in the perception of social and managerial factors between Chinese business and Western companies determines the inconsistency of Chinese reporting with Western standards. This article analyzes the use of ESG principles by Chinese companies, the impact of decarbonization on China’s Belt and Road investment project, as well as China’s international cooperation on decarbonization and ESG principles.
Aim. The presented study aims to examine the concept of consumption from the socio-economic perspective and to investigate the relationship between modern consumer demand and the traditional Confucian way of life in China.Tasks. The authors determine the concepts of private consumption in Chinese society in historical retrospect and explore the influence of Confucian ideas on modern consumers in China.Methods. This study uses the methods of analysis, grouping, and systematization; synthesis of information from various sources in Chinese and English; general scientific methods of induction and deduction.Results. The current Chinese government is making efforts to boost consumer demand and purchasing potential, but the desire for consumption is not common to the traditional Chinese way of life. Confucianism, which has strongly influenced Chinese society, has made Chinese buyers unique in terms of their consumer behavior and preferences.Conclusions. Several factors affect the consumer habits and behavior in China: the ideas of Confucianism, which instill modesty and rejection of ostentatious consumption in the Chinese, on the one hand, and Western ideas of individualism and humanism, encouraging impulsive and status purchases, on the other. This apparent contradiction makes the Chinese a unique group of consumers with their own characteristics, which requires a more detailed study.
Aim. The presented study aims to investigate the regulation of dubious currency transactions in the People’s Republic of China (PRC), the application of the anti-money laundering/combating the financing of terroristm regime, and the development of the digital yuan system.Tasks. The author reveals the essence of the concept of dubious currency transactions in modern China and their legal regulation by Chinese state authorities; considers the legal regime for anti-money laundering/combating the financing of terrorism (AML/CFT); describes the concept of “digital yuan” as a Chinese analog of previously banned cryptocurrencies in China.Methods. This study uses the methods of analysis, grouping, and systematization, a method of synthesizing information from various sources in Chinese and English, and general scientific methods of induction and deduction.Results. The strict system for combating dubious currency transactions developed by the government of the People’s Republic of China has become a significant step in the fight against the legalization of criminal proceeds. Nowadays, Chinese financial regulators pay special attention to any transactions that can be characterized as “dubious”. To effectively combat illegal financial transactions, Chinese AML/CFT standards have been developed and are regularly updated. The Chinese government has regarded cryptocurrencies as a threat to the AML/CFT regime, which led to their complete prohibition on the territory of the PRC. However, the Chinese government has offered an alternative in the form of the digital yuan. Attempts to put it into circulation have been made since 2020.Conclusions. In China, there are strict criteria for declaring foreign exchange transactions as dubious, and Chinese financial institutions have broad powers for their regulation. China’s financial institutions should monitor suspicious transactions at all levels of business management, taking reasonable measures to identify suspicious transactions not only in the process of identifying customers, but also by checking, studying, and analyzing transaction data. The digital yuan, which differs significantly from other cryptocurrencies, is recognized as one of the most developed cryptocurrencies controlled by centralized authorities. The Chinese digital currency is controlled by the Central Bank, minimizing one of the main advantages of cryptocurrencies — user anonymity. If China continues to successfully put the digital yuan into circulation, it may help China protect its so-called monetary sovereignty in the context of US sanctions.
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