ESG DISCLOSURE STANDARDS IN HONG KONG: EVOLUTION, STATUS, AND OPTIMIZATION IN THE SUPER-CONNECTOR CONTEXT
Keywords:
ESG information disclosure, Hong Kong capital market, ISSB standards, Standards alignment, Institutional evolutionAbstract
As a bridge connecting Mainland China with international capital markets, Hong Kong's evolution of ESG disclosure standards exhibits distinct local characteristics. Starting from Hong Kong's strategic positioning as a super-connector and super value-adder, this paper reviews the development of Hong Kong's ESG standards—from voluntary disclosure to comprehensive alignment with the International Sustainability Standards Board (ISSB) standards and phased mandatory disclosure. It analyzes the key differences between Hong Kong's framework and the Global Reporting Initiative (GRI), the EU's Corporate Sustainability Reporting Directive (CSRD), and Mainland China's standards, as well as the impact on cross-border enterprises. The study finds that Hong Kong has made significant progress in both institutional and regulatory aspects of ESG disclosure, with the ESG report publication rate increasing annually. Standardized ESG disclosure has contributed to the healthy development of Hong Kong's financial market. However, there remains considerable room for improvement in enhancing the completeness of disclosed information, mitigating greenwashing risks, and reducing compliance costs. Future optimization may focus on refining the standard system, promoting third-party assurance, and strengthening regulatory coordination.References
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