OECD Corporate Governance Factbook 2025: China
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of the corporate governance framework and related information of the People’s Republic of China (hereafter ‘China’) benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In April 2023, the General Office of the State Council issued the Opinions on Reforming the Independent Director System of Listed Companies, which ushered in the first major reform of the independent director system in 22 years.
In August 2023, China Securities Regulatory Commission (CSRC) issued the Measures for the Administration of Independent Directors of Listed Companies to further optimise the way independent directors perform their duties.
In December 2023, the Company Law was revised and came into effect on 1 July 2024, aiming to further improve listed companies' governance structures and operating policies.
In March 2025, the CSRC revised and issued the Guidelines for the Articles of Association of Listed Companies, the Code of Corporate Governance for Listed Companies, and the Rules for the Shareholders' Meetings of Listed Companies.
In April 2024, Shanghai (SSE), Shenzhen (SZSE) and Beijing Stock Exchange (BSE) issued the Guidelines for Sustainability Report of Listed Companies, requiring any company that is a constituent of the SSE 180 Index, the STAR 50 Index, SZSE 100 Index, the ChiNext Index, or is listed simultaneously in Chinese Mainland and overseas markets, shall publish the 2025 Sustainability Report before 30 April 2026.
In January 2025, SSE, SZSE and BSE released the Guidelines for the Preparation of Sustainable Development of Listed Companies, including two specific guidelines for overall requirements and disclosure frameworks and climate change.
In September 2025, SSE, SZSE and BSE issued guidelines on three environmental issues: pollutant emissions, energy utilization, and water resource utilization, providing detailed guidance on issues such as identification and assessment of relevant risks and opportunities, accounting processes and methods, and disclosure points.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
China |
5 301 |
|
18% |
USD 12 786 bn |
68.2% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
** These refer to the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE) and Beijing Stock Exchange (BSE).
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Binding for directors’ policy and remuneration.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.