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China seeks to lure new international corporate sustainability body to capital
- Finance Minister Liu Kun sets out case for basing the new International Sustainability Standards Board in Beijing in letter to parent body
- The board will set global standards for businesses reporting the environmental impact of their activities
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China is trying to persuade a new international agency that will set corporate rules on climate change and environmental reporting to set up its headquarters in Beijing.
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The effort to bring the International Sustainability Standards Board to the capital is part of China’s efforts to stop its economy becoming decoupled from the rest of the world and play a leading part in international ruling bodies.
It follows its application this week to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and discussions with the Group of 20 over global tax rates and e-commerce.
The creation of the new body, which is being set up by the International Financial Reporting Standards (IFRS) Foundation, was endorsed by a meeting of G20 finance ministers and central bankers in Venice in July.
In his letter this week to Erkki Liikanen, chairman of IFRS Foundation Trustees and former governor of the Finnish central bank, Finance Minister Liu Kun pledged to “work together” to ensure the body could be set up early.
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