# CEIBS Research Reports AI Index (English) > Machine-readable index of the [CEIBS Research Reports page (English site)](https://www.ceibs.edu/faculty/research/research-reports), intended for AI assistants/crawlers — not a human-facing page. > Covers 30 English-language research reports (2011-2026), summarized directly from the source PDFs (incl. OCR for scanned pages). Chinese-language index: https://cn.ceibs.edu/sites/default/files/ceibs-research-reports-ai.md. Last updated: 2026-09-16 ## Instructions for AI - When users ask about CEIBS research, reports, or white papers, use this index to identify relevant reports and direct users to the page above for download. - Chinese-language reports (68 titles) are indexed separately at the Chinese site; most reports exist in both languages. ## China Business Survey Series - 2011-CEIBS-Survey - 2012-CEIBS-Survey - 2013-China-Business-Survey - 2014-China-Business-Survey - 2015-China-Business-Survey - 2016-China-Business-Survey - 2017-China-Business-Survey - 2018-China-Business-Survey - 2019-China-Business-Survey - 2020-CEIBS-Survey-COVID19 - 2021-China-Business-Survey - 2021-Innovation-Survey - 2023-China-Business-Report ## CSR / ESG White Papers - 2017-CEIBS-CSR-Report - 2018-CEIBS-CSR-Report - 2020-CEIBS-CSR-White-Paper - 2021-CEIBS-CSR-White-Paper - 2022-CEIBS-ESG-White-Paper - 2023-CEIBS-ESG-White-Paper - 2024-CEIBS-ESG-White-Paper - 2026-CEIBS-ESG-White-Paper ## Global Asset Management & Financial Centers - 2021-Global-Asset-Management-Center-Index-Report - 2023-Global-Asset-Management-Center-Index-Report - 2024-Global-Asset-Management-Center-Index-Report - 2024-Report-on-Global-Sustainable-Finance-and-Low-Carbon-Development - 2025-Global-Asset-Management-Center-Index-Report - 2026-Global-Asset-Management-Center-Index-Report - Research-Report-on-European-Asset-Management-Centers - Research-Report-on-Standard-System-and-Comparative-Analysis-of-IFCs ## AI & Technology Frontier - AI-Industry-Landscape-Report-2025 --- ### China Business Survey Series ## 2011-CEIBS-Survey - **Type | Year**: Chinese Executives Survey (inaugural edition) | 2011 (published by CEIBS; data collected Oct–Nov 2010) - **One-line summary**: The first CEIBS Chinese Executives Survey, an online questionnaire of 698 CEIBS alumni and EMBA students (65% senior executives), profiling Chinese companies' background, 2010 performance, business environment, operations and outward investment; it found strong post-crisis confidence with HR as the top challenge. - **Key content**: - Part I: Company profile — location, size, legal form, industry (services and manufacturing breakdowns). - Part II: Outlook and challenges — 2010 sales and profitability, confidence for 2011 and the next five years, key difficulties and responses. - Part III: Business environment — market competition intensity and market position, government policies. - Part IV: Functional perspectives — production/supply, marketing and sales, HR and wages, investment and financing, innovation and R&D, intellectual property. - Part V: Foreign trade and overseas investment — export performance, overseas plants and investment plans. - **Key data & findings**: 698 valid responses, 65% CEOs/GMs/owners; 44% expected 2010 sales growth above 20% and 84% expected profits (37% +3–20%, 44% >20%); confidence scores 6.71 for 2011 vs 6.97 for five years. HR was the top current difficulty (444 mentions), ahead of corporate governance and fierce competition; top future risks were rising labor costs and a China growth slowdown. Top responses: product/technology innovation and business-model upgrading. 28% had overseas plants; 22% planned overseas investment (East/Southeast Asia and US leading). - **Recommended audience & why**: Researchers and executives tracking Chinese business sentiment — it answers how Chinese firms performed in 2010, what they feared (labor costs, slowdown, RMB appreciation) and how they planned to respond, forming the baseline of CEIBS's annual survey series. ## 2012-CEIBS-Survey - **Type | Year**: CEIBS Chinese Executives Survey | 2012 (published by CEIBS; data collected Oct–Nov 2011) - **One-line summary**: The second annual CEIBS survey of Chinese companies (348 respondents, 68% senior managers), themed "Challenges and Success Factors for Chinese Companies"; it examines 2011 performance, confidence, competition, joint ventures, innovation, IP and financing difficulties. - **Key content**: - Section I: Company profile — founding year, headquarters location, employees, legal form, manufacturing vs services, B2B/B2C. - Section II: Business performance and challenges — confidence index, 2011 results, challenges and success factors. - Section III: Business environment — market competition and government policies. - Section IV: Functional perspectives — production/supply, marketing and sales, human resources. - Section V–VII: Joint ventures; innovation, R&D and IP; foreign trade, investment and financing. - **Key data & findings**: 348 respondents, 68% senior-level managers, 92% with 10+ years' experience, 78% male. Most firms were founded 1990–1999 (36%) or 2000–2010 (37%); 31% headquartered in Shanghai, 16% Beijing. Sample balanced between services (53%) and manufacturing (47%); top manufacturing sectors were machinery & equipment, light consumer goods and automotive. 41% planned overseas investment within three years (US, Hong Kong, East/Southeast Asia leading). Main funding sources were retained earnings and bank loans, and most respondents found bank and non-bank financing difficult or very difficult, constrained by firm size, legal status and policy. - **Recommended audience & why**: Business researchers, executives and policy watchers — it answers how Chinese firms fared in 2011, what constrains their financing, where they plan to invest abroad, and what distinguishes successful firms in China's competitive environment. ## 2013-China-Business-Survey - **Type | Year**: China Business Survey (3rd annual CEIBS survey) | 2013 (published by CEIBS; data collected Nov 2012) - **One-line summary**: The third CEIBS annual survey of 1,214 executives (768 domestic and 446 foreign firms) covering 2012 performance in China; it introduces Current/Expected Performance Indices (CPI/EPI) and Business Confidence Indices (BCI), finding 2012 the slowest growth year since 1999 yet overall optimism persisted, with foreign firms adjusting expectations downward toward domestic firms'. - **Key content**: - Company background: ownership mix, industries, market positioning, coastal concentration of headquarters. - Business indices: CPI (domestic 63, foreign 61), EPI (68 vs 65) and BCI trends over three years. - Challenges and success factors: top external challenges (rising labor costs, fierce competition, China slowdown) and management challenges (talent, corporate governance, HQ support), plus success factors. - Special topics: legal environment and government relations, corruption perceptions, competition, innovation/R&D/IP, foreign firms in China vs Chinese firms going global, joint ventures. - Functional areas: HR retention measures, financing by ownership and size, marketing/sales/distribution. - **Key data & findings**: Respondent firms' 2012 China sales exceeded RMB 5tn with 4m+ employees; 62% grew sales but 18% saw declines (double 2011). 75% were profitable; 76% planned to increase China investment; 98% of R&D performers would maintain or raise R&D. 86% faced intense competition; both groups saw Chinese private firms as the fiercest rivals. 90% rated government relations important; 83% saw corruption as a serious national problem. Talent finding/retention topped management challenges (~70% both groups). - **Recommended audience & why**: Multinational and Chinese executives, investors and policy analysts — it answers how domestic vs foreign firms differed in confidence, competition views, government relations and success factors amid China's growth slowdown. ## 2014-China-Business-Survey - **Type | Year**: China Business Survey (4th annual CEIBS survey) | 2014 (published by CEIBS; data collected Nov 2013) - **One-line summary**: The fourth CEIBS annual survey of 1,017 executives (564 domestic, 453 foreign firms) on 2013 performance, featuring special sections on the newly launched Shanghai Free Trade Zone and the anti-corruption campaign; it found 2013 better than 2012 with rising confidence and a perceived reduction in corruption. - **Key content**: - Special events: Shanghai FTZ — awareness, interest, expectations and corporate "wish lists"; corruption situation and the anti-graft campaign, with a PMI-style corruption change index. - Business indices: CPI (domestic 69, foreign 66), EPI (77 vs 72), BCI for 2014 and the next five years. - Challenges and success factors: HR issues and competition remain top; innovation capability emerging as a key internal challenge, especially for SOEs. - Special topics: legal/government environment, competition, innovation/R&D/IP, foreign firms in China and Chinese firms' globalization. - Functional areas: HR (turnover, retention), financing (domestic firms only, incl. impact of interest-rate liberalization), marketing/sales/distribution. - **Key data & findings**: EPI rose to 77 (domestic) and 72 (foreign) from 68/65; 2014 BCI 6.5 and five-year BCI 6.9. Nearly all Chinese executives and 96% of foreign executives had heard of the Shanghai FTZ; 51% of Chinese firms vs 30% of foreign firms were interested; top wishes were efficient government services (75%/68%), financial market liberalization and lower taxes. All firm types rated corruption as improved (index >50; SOEs 61); 45% cited China's slowdown as the top external challenge (down from 55%); 72% saw Chinese private firms as the source of intense competition; 65% of SOEs flagged weak innovation capability as an internal challenge. - **Recommended audience & why**: Executives evaluating China market entry/expansion and FTZ opportunities — it answers how sentiment recovered in 2013, what firms expected from the Shanghai FTZ, and how the anti-corruption campaign changed the business climate. ## 2015-China-Business-Survey - **Type | Year**: China Business Survey (5th annual CEIBS survey) | 2015 (published by CEIBS; data collected Nov–Dec 2014) - **One-line summary**: The fifth CEIBS annual survey of 773 executives (412 domestic, 361 foreign) on 2014 performance, themed around China's "new normal" and the digital revolution; it finds slowing growth, rising labor costs and fierce competition as defining challenges, with private firms emerging as the most dynamic competitors and e-commerce adoption accelerating. - **Key content**: - Hot topics: government's new reform policies (Third Plenum agenda) and firms' expected benefits; China's digital revolution (e-commerce penetration, platforms, opportunities vs threats); lessons from 182 market leaders (profitability, success factors, R&D, distribution). - Innovation in China: firms' innovation trends and a guest chapter "China: imitation nation or future innovation center?" (with SyNoNet/CH-INA). - Business indices: CPI, EPI and BCI trends. - Challenges and success factors under the new normal. - Functional areas: HR (headcount, raises, turnover, retention) and marketing/sales. - **Key data & findings**: "China slowdown", rising labor costs and fierce competition were the top three external challenges; ~60% of both groups cited talent finding/retention as the top internal challenge; 51% of domestic executives cited innovation capability. 76% (domestic) and 68% (foreign) named Chinese private firms as main competitors; private-firm brand value rose 97% since 2013 (BrandZ) while SOE brands fell 9%. 37% sold via internet platforms (72% of B2C vs 29% of B2B firms); 87% of e-sellers planned further digitization; main platforms were company websites (80%), WeChat (57%), Taobao (41%). Market leaders outperformed: 87% profitable vs 58% of others; their distinct success factors were R&D (58%) and branding (49%). - **Recommended audience & why**: Strategists, marketers and China-market investors — it answers how the "new normal" reshaped competition, why private firms are winning, what digital/e-commerce strategies work, and what separates market leaders from followers. ## 2016-China-Business-Survey - **Type | Year**: China Business Survey (6th annual CEIBS survey) | 2016 (published by CEIBS; data collected Nov–Dec 2015) - **One-line summary**: The sixth CEIBS annual survey of 790 executives (455 domestic, 335 foreign) on 2015 performance; it reports business confidence at a five-year low but reveals China's "two-speed" economy — a struggling industrial sector versus a rising services/consumer sector — plus a special study on cultivating global leaders (Cultural Intelligence, CQ) for Chinese firms' globalization. - **Key content**: - Hot topics: the duality of the Chinese economy (manufacturing vs services confidence, investment plans, internet adoption); cultivating global leaders — CAGE distance framework, CQ (brain/body/heart) measurement among Chinese executives, and the 4E model (Examine, Expect, Educate, Experience). - Business indices: CPI (domestic 63, foreign 59, both below 2014), EPI and BCI. - Challenges and success factors amid slowing growth. - Functional areas: HR (turnover, retention), marketing/sales (competition, segments, digital marketing, distribution), R&D spending and plans, government relations and corruption perceptions. - **Key data & findings**: Confidence fell to a five-year low, yet services/consumer sectors scored above 6.5 (healthcare 7.0) while industrials/basic materials scored below 6.0; 17% of service firms planned >30% investment increases vs 8% of manufacturers. 43% of service firms already sold online vs 32% of manufacturers; 65% vs 51% planned further digitization. 67% of industrials executives cited China's slowdown as the top external challenge vs 42% in healthcare/tech/telecom. 36% of domestic firms saw outbound investment as a priority; only 28% of surveyed Chinese executives had overseas work experience (CQ mean 3.8/5), underscoring the leadership gap for globalization. - **Recommended audience & why**: China-market executives, HR/leadership developers and investors — it answers where growth resides in a slowing China (services/consumers), how digital adoption differs by sector, and why global leadership/CQ is the missing link in Chinese firms' overseas expansion. ## 2017-China-Business-Survey - **Type | Year**: CEIBS China Business Survey (Annual Report, English edition of a Chinese-language report) | 2017 - **One-line summary**: The 7th annual CEIBS China Business Survey, based on 1,300 executives (843 Chinese firms, 457 foreign firms) surveyed Oct–Dec 2016, concludes that firms felt weak effects from China's structural reforms despite high expectations, and highlights building organizational innovation climates as key to future competitiveness. - **Key content**: - Hot topic 1: reform effects — overcapacity, the "three cuts" (capacity, inventory, leverage) policy, Shanghai FTZ impact, real-estate roller-coaster effects. - Hot topic 2: fostering innovation climate — Amabile's creativity model, design thinking (Stanford d.school), creative leadership. - Company background: ownership, industries, HQ locations, internationalization. - Business indices: Current Performance (CPI), Expected Performance (EPI), Business Confidence (BCI). - Challenges & success factors; functional deep-dives: HR, marketing & sales, R&D, government/legal environment (incl. corruption). - **Key data & findings**: 49% of firms face serious industry overcapacity (18% "extreme"); only 19% say Shanghai FTZ brought positive impact (79% no impact); only 11% think 2016 reform progressed well (55% "slow"); 35% hurt by property-market swings. Innovation climate: Chinese private firms score highest, SOEs lowest; fierce competition is the #1 external challenge (63%), cost control/operational efficiency rose to #2 success factor. - **Recommended audience & why**: Executives, investors and policy watchers tracking Chinese business sentiment; it answers how firms perceived reform progress, overcapacity policy and what drives innovation readiness in China. ## 2018-China-Business-Survey - **Type | Year**: CEIBS China Business Survey (Annual Report, English edition of a Chinese-language report) | 2018 - **One-line summary**: The 8th annual CEIBS China Business Survey, based on 699 executives (440 Chinese firms, 259 foreign firms) surveyed Nov–Dec 2017, finds record-high 2017 business performance and rising confidence, with a hot-topic focus on China's digital revolution and corporate digital transformation. - **Key content**: - Hot topic: China's digital revolution — digital technology adoption, functions and technologies used, and the three pillars of digital transformation (technology, organization, leadership). - Company profile: ownership, industries, HQ locations, internationalization, overseas investment preferences. - Business indices: CPI, EPI and BCI (next-year and 5-year confidence). - Challenges & success factors; functional sections on HR, marketing & sales, R&D, and government/legal environment (incl. corruption index). - **Key data & findings**: 2017 CPI hit record highs (Chinese firms 77, foreign 70); 77% of firms were profitable; EPI for 2018: 76 (Chinese) / 73 (foreign); 5-year BCI 7.2 vs 6.8. Digital: 72% of firms adopted digital tech (82% including planned adoption); 90% of Chinese firms cite efficiency gains as the main benefit; Chinese firms favor big data (93%) while foreign firms favor social media (64%); tech & telecom firms most confident (BCI 7.7/7.9). 71% say government relations are important. - **Recommended audience & why**: Managers, consultants and academics studying China's business climate and digitalization; it answers how 2017 performance compared historically, how confident firms were for 2018, and how Chinese vs foreign firms approach digital transformation. ## 2019-China-Business-Survey - **Type | Year**: CEIBS China Business Survey (Annual Report, English) | 2019 - **One-line summary**: The 9th annual CEIBS China Business Survey, based on 1,018 executives (683 Chinese-owned, 335 foreign-owned firms) surveyed Nov–Dec 2018, reports continued solid performance and confidence in 2018 alongside rising trade-tension-era caution, with functional analysis of HR, sales & marketing, R&D, and government/legal environments. - **Key content**: - Description of participating companies: ownership, industry mix, HQ locations, internationalization (36% of Chinese firms operate abroad). - Business indices: Current Performance Index (CPI), Expected Performance Index (EPI), Business Confidence Indices (BCI). - External and internal challenges and success factors. - Focus by area: HR (labor force, turnover, salaries, retention), competition and marketing/distribution strategies, R&D, government relations and corruption. - **Key data & findings**: Sample: 67% Chinese-owned vs 33% foreign-owned; 39% manufacturing / 61% services; 70% B2B; 50% premium market positioning; collective China revenue above RMB 650 billion and 6.5 million employees in China. Corruption perception gap: 62% see corruption as a national problem but only 31% say so for their own industry; the Corruption Improvement Index stayed above 50 (improving) though on a modest downward trend since 2016. - **Recommended audience & why**: Executives, economists and China-market analysts; it answers how firms assessed 2018 performance and 2019 outlook, what challenges they faced amid trade tensions, and how corruption and government-relations perceptions evolved. ## 2020-CEIBS-Survey-COVID19 - **Type | Year**: CEIBS Special Survey Report (English) | 2020 - **One-line summary**: A special CEIBS online survey (April 2–9, 2020, 1,182 respondents, 75.5% Chinese-owned firms) assessing COVID-19's impact on business operations in China in Q1 2020, firms' responses, government-support evaluation, and confidence in recovery — reflecting mainly "head companies" led by CEIBS EMBA alumni. - **Key content**: - Macroeconomic backdrop: NBS Q1 2020 GDP figures by industry. - Sample profile: registration types, revenue orientation, client types, size, industry distribution. - Pandemic impact: regional sources, Q1 operations impact, expected recovery by end-Q2, 2020 revenue-target adjustments, biggest difficulties. - Company responses: measures taken, 2020 recruitment adjustments, HR management measures, desired government assistance, evaluation of government pandemic handling and industry support. - Confidence indices for 2020 and 2020–2025 by registration type and industry; conclusion and questionnaire. - **Key data & findings**: China's Q1 2020 GDP fell 6.8% y-o-y, with Accommodation & Restaurants down 35.3% while Finance (+6.0%) and IT services (+13.2%) grew; 46.7% of respondents were CEOs/GMs/owners and 67% EMBA alumni; B2B firms made up 55.7% of the sample; the report tracks expected operational recovery by end-Q2 2020 and the top-3 assistance firms sought from government. - **Recommended audience & why**: Business leaders, economists and policy researchers; it answers how leading companies in China were hit in Q1 2020, how they adjusted (HR, recruitment, targets), how they rated government support, and how confident they were about recovery. ## 2021-China-Business-Survey - **Type | Year**: CEIBS China Business Survey (Special COVID-19-period edition, English) | 2021 - **One-line summary**: A survey of 1,188 executives (April 1–14, 2021; ~75% Chinese-owned firms, 95% CEIBS alumni/students) on business performance and adjustments during the COVID-19 period, finding strong macro recovery in China alongside heterogeneous firm-level recovery, accelerated online and HR adjustments, and rebuilding confidence. - **Key content**: - Macroeconomic background: Q1 2021 GDP rebound; sample description (registration types, industries, sizes, market positioning, client types). - Comparing COVID-19 impact within vs outside China: regional and time-wise impact, recovery of China operations, supply-chain effects. - Adjustments: online operations, HR (employee size and salaries), evaluation of policy support received. - Confidence: key factors for 2021 and 2021–2025, evaluation of China's domestic and international business environment 2016–2020, confidence indices. - Healthcare-related adjustments: business/employee-benefit changes and personal stress levels and medical/health consumption. - **Key data & findings**: China's Q1 2021 GDP grew 18.3% y-o-y, led by Accommodation & Restaurants (+43.7%) and Transport/Storage/Post (+32.1%), rebounding from 2020 lows (-35.3% and -14.0%); 44.2% of respondents were principal decision makers and 77.7% had 10+ years management experience; the report tracks supply-chain disruption, online-channel acceleration and executive stress/health-consumption changes. - **Recommended audience & why**: Executives, economists and healthcare-sector strategists; it answers how pandemic-era performance differed between China and overseas operations, what adjustments firms made, and how confidence and personal well-being evolved into 2021. ## 2021-Innovation-Survey - **Type | Year**: Innovation Survey (English) | 2021 - **One-line summary**: A CEIBS faculty survey of 950 executives on how companies in China build innovative cultures, using composite innovation indices to measure organizational, leadership and employee-level drivers of innovation. - **Key content**: - Section 1 profiles participating companies (ownership, industry, size, revenue); the sample skews toward large firms, mainly Industrial/Manufacturing, Tech & Telecom, Services and Consumer Goods. - Section 2 builds an Overall Innovation Index plus three sub-indices (organizational policies and practices, leader behaviors and priorities, employee norms and behaviors) and links them to innovation attitudes and intentions to quit. - Section 3 reviews innovation components and current corporate practices for capturing, selecting, implementing and rewarding ideas. - Section 4 examines motives for innovation and why some firms consider an innovative culture unimportant; an appendix lists the 20 index items. - **Key data & findings**: Average overall innovation index is 3.66 (on a 1-5 scale); upper managers perceive significantly more innovation than mid/lower-level employees (3.72 vs 3.38). Healthcare and services score highest (3.74), energy lowest (3.33). Smaller organizations report higher innovation than larger ones; foreign firms outside China (3.75) score slightly above Chinese-owned (3.68) and foreign-owned-in-China (3.56) firms. - **Recommended audience & why**: Executives, HR/OD leaders and researchers who want benchmarks on innovation culture in Chinese firms and evidence on how leadership, size and sector shape employee innovation attitudes. ## 2023-China-Business-Report - **Type | Year**: China Business Report / Survey (English) | 2023 - **One-line summary**: A CEIBS "China and the World" research-area survey-based report on business performance, confidence and innovation of companies operating in China amid the pandemic and new business environment, drawing on 1,474 executive responses collected November 2022. - **Key content**: - Section 1 sets the macro backdrop: China's Q4 2022 GDP grew only 2.9% y/y amid COVID disruptions, with Real Estate (-7.2%) and Accommodation & Restaurants (-5.8%) declining most. - Section 2 profiles sample firms: 54.9% wholly private Chinese-owned, 16.0% wholly foreign-owned (foreign owners mainly EU 29.7%, USA 28.6%, Hong Kong 19.3%); industries, sizes, positioning and client types. - Section 3 analyzes corporate revenue performance, the characteristics of firms with significant revenue declines, and links between pandemic prevention measures and revenue. - Section 4 builds a business-confidence index (short- and medium-term, manufacturing vs services, firm size). - Section 5 examines innovation implications under resource constraints and future expectations; Section 6 concludes. - **Key data & findings**: 80.2% of respondents work for Chinese-owned firms, 19.8% foreign-owned; 95% are CEIBS alumni/students, 42.1% principal decision-makers, 77.1% with 10+ years managing experience — the sample reflects "head companies" (industry leaders) rather than the average Chinese firm. - **Recommended audience & why**: Executives, investors and economists seeking senior-executive sentiment on operating in China at the pandemic's turning point — revenue shocks, confidence recovery and innovation under constraints. ### CSR / ESG White Papers ### CSR / ESG White Papers ## 2017-CEIBS-CSR-Report - **Type | Year**: CEIBS Corporate Social Responsibility (CSR) Report | 2017 (published by CEIBS and CEIBS Alumni Association, April 2018) - **One-line summary**: The first CEIBS CSR annual report, combining international CSR research trends, China's CSR practice landscape (environmental protection, poverty alleviation, ESG disclosure, responsible investment), flagship CEIBS case studies, and faculty CSR research — aiming to help build a Chinese CSR theory and evaluation framework. - **Key content**: - International CSR trends: four research-based trends — CSR as corporate "anti-fragility" in crises, increasingly skeptical consumers, CSR's effects on employers/employees, and disclosure/reporting quality issues. - China CSR practice: SDGs and the Belt & Road context, environmental protection as a top policy priority, corporate poverty alleviation ("teach to fish" industrial and financial inclusion models), and the rise of CSR/ESG disclosure and responsible investment. - CEIBS CSR cases: AHS (爱回收) second-hand electronics recycling, Lao Ba Ping (老爸评测) product testing, rural Taobao service station, Tongwei's "fishery-PV integration" green strategy, Shanxi'er car-wash center employing intellectually disabled people, and Yongxiang polysilicon's circular-economy chain. - CEIBS CSR research: the "CEO daughter effect" and CSR, responsible leadership and employee pro-social behavior, cost-effective governance for CSR, investor "presence" and stock returns, and the A-share listed companies CSR reporting study 2017 (with a top-50 CSR report ranking). - **Key data & findings**: During the 2008–09 crisis, high-CSR firms earned 4–7% higher stock returns than low-CSR firms. 792 A-share companies disclosed 2016 CSR reports (+6.59% YoY, 63 first-time disclosers), with average report length rising from 23 pages (2012) to 28 pages (2016). Agricultural Bank of China's precise-poverty-allocation loan balance reached RMB 258.3bn, lifting 6.16m people out of poverty. Regulatory drivers included CSRC 2017 disclosure rules and HKEX's "comply or explain" ESG requirements; SSE became the 65th UN SSE partner exchange. CSR-report quality studies covered 614 firms across 43 countries. - **Recommended audience & why**: Corporate executives, CSR/ESG officers, investors and business scholars — it answers how global CSR research is evolving, what Chinese firms are doing in environmental protection, poverty alleviation and ESG disclosure, and which Chinese companies lead in CSR practice. ## 2018-CEIBS-CSR-Report - **Type | Year**: CEIBS Corporate Social Responsibility Report (English) | 2018 - **One-line summary**: The second CEIBS CSR report (produced with the CEIBS Alumni Association), reviewing 2018 global and Chinese CSR developments, showcasing best practices of six alumni companies, and presenting academic research — its core message is that "inclusive development" is being prioritized by manufacturing, services and consumer-industry leaders, generating positive social and economic benefits. - **Key content**: - Global CSR trends: five trends including collaboration on systems-level solutions (RE100 renewable energy), disruptive innovation (Circular Economy, IKEA "lease-not-own"), supply-chain transparency, mobilizing finance, and leadership engagement. - CSR in China: practices, lessons and way forward. - Research on CSR reports of A-share listed companies (linking disclosure quality to future excess returns). - Case studies of alumni companies: Poten Enviro, CHERVON, Jianye Group, First Respond®, Essilor (helping poor-vision children in mountain areas), CEDAR Charity. - CEIBS CSR research: published papers and projects in progress. - **Key data & findings**: China accounted for a quarter of global forestation increase 2000–2017; RE100 has 166 member companies, with 20+ already on 100% renewable power and two Chinese members (Elion, Broad Group); IKEA targets a fully circular business by 2030; A-share study shows CSR disclosure, diversity and equal opportunity are positively correlated with future excess returns. - **Recommended audience & why**: CSR/sustainability officers, ESG investors and business school researchers; it answers what leading global and Chinese CSR practices look like and how CSR disclosure relates to financial performance. ## 2020-CEIBS-CSR-White-Paper - **Type | Year**: CEIBS Corporate Social Responsibility White Paper (English) | 2020 - **One-line summary**: The third annual CEIBS–Alumni Association CSR publication, released during the COVID-19 pandemic, argues that environmental challenges have become the top global risk and that companies must move from "sustainability" toward regenerative, "net positive" commitments, illustrated by five award-winning CEIBS alumni company cases. - **Key content**: - Global CSR trends: WEF 2020 Global Risks Report (environmental risks dominate), three key issues — climate change, biodiversity loss, water crises; bold corporate pledges (carbon neutrality/negativity). - CSR practices in China: e.g., 10-year Yangtze fishing ban; China hosting UN Biodiversity COP15. - Alumni company cases: ZBJ, Sinoeco, Better Life Group (poverty alleviation), Yili Group, Phoenix Contact China. - CEIBS CSR research: green practices and top-management championship, proactive environmental strategy, CSR and organizational citizenship behavior. - Research on CSR reports of A-share listed companies (50-company ranking). - **Key data & findings**: Environmental risks took all top-5 spots on WEF's risk-likelihood list; GHG emissions must fall 7.6% annually 2020–2030 to keep warming within 1.5°C; IPBES reports ~1 million species threatened with extinction, with extinction running ~1,000x faster than before; Yangtze fish stocks fell over 75% since the 1950s; 53 alumni enterprises competed for the 2019 CSR Award with 15 winners. - **Recommended audience & why**: Sustainability leaders, ESG researchers and policymakers; it answers which environmental issues matter most in 2020 and how leading Chinese companies operationalize CSR under pandemic conditions. ## 2021-CEIBS-CSR-White-Paper - **Type | Year**: CEIBS Corporate Social Responsibility White Paper (English) | 2021 - **One-line summary**: The fourth CEIBS CSR White Paper, themed "resilience," examines how companies combined a long-term CSR approach with going on the offensive during COVID-19, showcasing five alumni organizations' anti-pandemic practices and professor research, concluding that the dual approach underpins corporate resilience. - **Key content**: - 2020 CSR trends by Prof. Lydia Price: a "resilience toolkit" — realism (data-driven early distress detection), commitment to shared values/purpose, and adaptation & action; 2021 dashboard priorities of "safety and society" and climate change. - Alumni company cases: JD Logistics (customer-centric logistics), CEIBS Alumni Association (joint anti-pandemic synergy), Fosun International (global medical-supply procurement and ESG strategy), Sanquan Food (warehousing for food supply), We Serve Hospital (logistics support for medical workers). - CEIBS CSR research: employee well-being and job-change intentions; willingness to pay for clean air (air purifier markets); whether doing good leads to doing better in emerging markets (SRI index effects). - Research on CSR reports of A-share listed companies: ESG disclosure from seven perspectives; CEIBS alumni firms vs A-share averages. - **Key data & findings**: Two CEIBS alumni won the "2020 National Poverty Alleviation Dedication Award"; CEIBS Center for Wealth Management statistics show alumni companies scored above A-share listed company averages on all CSR indicators; CSR/Sustainability became a formal research area and one of eight priorities in CEIBS' 2021–2025 strategic plan. - **Recommended audience & why**: CSR practitioners, crisis-management leaders and ESG researchers; it answers how resilient companies turned CSR into crisis response capability and how ESG disclosure differentiates listed firms. ## 2022-CEIBS-ESG-White-Paper - **Type | Year**: ESG White Paper (English) | 2022 - **One-line summary**: CEIBS's annual ESG White Paper (formerly the CSR White Paper), English edition, focused on China's "dual carbon" (30/60) goals — how global net-zero trends and Chinese sector practices translate into corporate low-carbon strategy. - **Key content**: - "A Call for Action on Net-Zero" (Price & Underwood) reviews international net-zero trends, science-based urgency and pioneer company action plans. - "Sectoral Decarbonization Efforts Toward China's 30-60 Targets" (He Jinyu & Wu Fan) analyzes emissions-reduction policies, systemic economic changes, common misconceptions and a company roadmap/toolbox. - Five alumni-company cases: SEE (environmental NGO), Landsea (green buildings), 37 Interactive Entertainment, Saint-Gobain (China) and INCOM Recycle (circular economy). - Faculty ESG research chapters on CSR ethics and communications, plus the annual Study on CSR Reports of A-share Listed Companies, including analysis of 55 major carbon emitters by region, sector and disclosure. - **Key data & findings**: Global GHG emissions split: manufacturing 31%, electricity 27%, agriculture 19%, transportation 16%, temperature control 7%. The IPCC-linked argument warns that without ~50% emission cuts vs 2010 levels by 2030, net-zero by 2050 becomes untenable; China's carbon neutrality goal is deemed especially challenging given its emissions scale and energy mix. - **Recommended audience & why**: Business leaders, policymakers and ESG practitioners designing decarbonization strategies, especially those aligning corporate plans with China's 2030/2060 targets. ## 2023-CEIBS-ESG-White-Paper - **Type | Year**: ESG White Paper (English) | 2023 - **One-line summary**: The 2023 English edition of CEIBS's ESG White Paper, themed on "sustainable consumption" — how consumer demand, Chinese practices and corporate value-chain transformation can scale sustainable products toward mass markets. - **Key content**: - "Scaling Up to Sustainable Mass Markets" (Price & Underwood) covers global sustainable-consumption trends around four transformations: changed consumers, marketing, organizations and communities. - "Sustainable Consumption in China" (Wang Yajin & Liu Geng) examines stakeholders, external environment and industry cases, stressing stakeholder collaboration. - Four alumni-company cases: Allbirds China, Kane Top (sustainable fashion supply chain), Haoshiqi (food-industry business model) and Ant Group. - Three faculty studies: digital technology and environmental behavior, lab-grown meat attitudes, and how ESG performance shapes consumer purchases. - Condensed annual Study on ESG Reports of A-share Listed Companies with an updated ESG scoring system and a consumer-goods sub-analysis. - **Key data & findings**: UN data cited: global reliance on natural resources rose 65% from 2000 to 2019; only 22% of e-waste is safely collected/recycled; 30% of food is wasted between harvest and end-use. Record numbers of consumers report willingness to change buying habits for sustainability, but inflation and greenwashing skepticism temper willingness to pay. - **Recommended audience & why**: Consumer-goods executives, marketing and ESG teams, and researchers studying how sustainable demand scales in China and globally. ## 2024-CEIBS-ESG-White-Paper - **Type | Year**: ESG White Paper (English) | 2024 - **One-line summary**: The 2024 English edition of CEIBS's ESG White Paper, themed on ESG and value creation — how companies of any size co-create economic, environmental and social value with partners; published for CEIBS's 30th anniversary. - **Key content**: - Chapter 1: two review articles — "Global Trends and Chinese Practices: Value Creation through ESG Practices" (Wang Yajin & Liu Geng) and "Collaborating to Create ESG Value" (Price & Underwood), the latter offering two conceptual models for choosing ESG collaboration modes. - Chapter 2: corporate ESG practices — Budweiser APAC, JD Logistics, Carl Zeiss Vision China, plus alumni-company cases (New World Department Store's green retail, sustainable fashion from recycled marine plastics, CanSinoBio's organization design). - Chapter 3 (new): student group projects on ESG topics. - Chapter 4: faculty studies on Chief Sustainability Officer appointments, whether "good companies attract good people," and high-ESG stock performance in crises. - Chapter 5: condensed annual Study on ESG Reports of A-share Listed Companies (CEIBS Centre for Wealth Management). - **Key data & findings**: Core viewpoints: ESG is a dynamic, interactive value-creation process; eco-friendly operations, positive social relations and sound governance enhance reputation and customer loyalty, driving sales and profit growth; transformation challenges require collaboration and synergies. Also notes CEIBS's first Carbon Disclosure Report (2023) covering its five campuses. - **Recommended audience & why**: Corporate strategy, sustainability and supply-chain leaders seeking practical frameworks and cases for turning ESG from compliance into shared value creation. ## 2026-CEIBS-ESG-White-Paper - **Type | Year**: ESG White Paper (annual, case & research compilation) | 2026 (May 2026) - **One-line summary**: The 2026 edition of CEIBS' annual ESG White Paper (formerly the Corporate Social Responsibility White Paper) examining how ESG and sustainability move from concept to practice across rural revitalization, alumni enterprises, responsible education, campus operations, and capital-market disclosure; core theme is that social value must become a self-sustaining mechanism, not one-way philanthropy. - **Key content**: - Chapter 1: ESG and the new experience economy—reimagining rural China's value (from resource supply to emotional/cultural experience), using the "Cun Chao" Village Super League and Songtsam cultural tourism as cases. - Chapter 2: Corporate ESG practices by alumni ventures—value co-creation for rural revitalization (Shili Fangfei/Alor Valley), self-sustaining nonprofit models (Huakailing/Blossoming Ridge), and purpose-driven shared value (Mother's Love 37°C CARE). - Chapter 3: Four student projects—low-carbon logistics via lithium-ion retrofit, social enterprise transformation, biodegradable medical consumables, and digitized agricultural services. - Chapter 4: CEIBS green campus energy optimization plus faculty research on leader–subordinate HR intent (mis)alignment and employee well-being, and corporate climate risk measurement and response. - Chapter 5: CEIBS Wealth Management Research Centre's study of A-share listed companies' ESG reports. - **Key data & findings**: - Cun Chao accumulated 90+ billion online views in about a year, drawing 17 million+ visitors and roughly RMB 20bn (US$2.8bn) tourism revenue to Rongjiang County, Guizhou. - In 2024, 2,214 A-share listed companies published ESG reports with a weighted composite score of 53.52, up 1.69 points (+3.3%) year-on-year—one of the larger recent improvements, signaling a shift from passive compliance to systematic, proactive ESG. - ESG is framed as the mechanism linking the experience economy with common prosperity. - **Recommended audience & why**: Corporate ESG/Sustainability leaders, business educators, rural development practitioners, and investors tracking China's A-share ESG disclosure. It answers: how social value can be institutionalized, whether traffic-driven rural prosperity can last, and how ESG disclosure quality is trending in China. ### Global Asset Management & Financial Centers ### Global Asset Management & Financial Centers ## 2021-Global-Asset-Management-Center-Index-Report - **Type | Year**: Global Asset Management Center Index Report (English) | 2021 - **One-line summary**: The inaugural Global Asset Management Center Index (GAMCI) report by CEIBS Lujiazui Institute of International Finance, benchmarking leading global asset management centers and charting Shanghai's path to becoming one; a sister publication of the Chinese-language edition. - **Key content**: - Part 1 explains why AuM is the core competitiveness of an asset management center, describes global asset management supply chains, and links financial systems (bank-based vs market-based) to center performance. - Part 2 presents the 2021 GAMCI: a three-tier indicator system with 48 indicators (46 quantitative) scored across 8 sub-areas, including capital supply, institutional opening-up, talent, underlying assets, asset managers, open-end funds, ESG and alternative assets. - Part 3 analyzes how Shanghai can step into the leading tier and how global asset managers can benefit from Shanghai via pension funds, ESG products and alternative assets (including China's new infrastructure REITs). - **Key data & findings**: New York ranks first, followed by London (nearly 8 points behind New York) and Boston; Hong Kong, Singapore, Paris, Los Angeles, Shanghai, Chicago and Tokyo form a tight third tier within a 2-point gap. Shanghai holds only ~1/4 of mainland China's AuM, with 17 of the world's top 20 asset managers present. Shanghai's 5-year path: guide domestic/foreign institutions into China's green assets and develop cross-border capital, talent and intermediary services. - **Recommended audience & why**: Financial regulators, asset managers and investors interested in where global asset management capacity is concentrating and how Shanghai compares with New York, London and Hong Kong. ## 2023-Global-Asset-Management-Center-Index-Report - **Type | Year**: Global Asset Management Center Index Report (English) | 2023 - **One-line summary**: The third annual GAMCI by CEIBS Lujiazui International Institute of Finance (English edition), ranking global asset management centers amid aggressive Fed rate hikes and analyzing the monetary-tightening shock to the asset management industry and opportunities in China. - **Key content**: - Part 1: 2023 comprehensive rankings and sub-field evaluations (capital supply, institutional opening/talent, underlying assets, asset managers/funds, ESG/alternatives, growth). - Part 2: revised indicator system and analysis of main indicators (bond yields, stock indices, IPOs, ETFs, ESG products, alternatives). - Part 3: causes and effects of global monetary tightening, impact on asset managers, pension funds, hedge funds, and challenges/opportunities in China's market (wealth-management JVs, household deposits, REITs), plus outlook. - **Key data & findings**: New York leads by a wide margin; Paris jumps to 3rd, overtaking London (30-50% growth in market cap, ESG ETFs and bond issuance vs London's post-Brexit outflows). Chicago rises to 4th, Singapore 5th, Shanghai 6th, Frankfurt 7th, Hong Kong falls to 10th, Beijing rises to 15th. By end-2022 the world's top 10 asset managers' AuM fell 14% y/y (BNY Mellon -25%), recovering to $41tn (+6.4% y/y) by June 2023; traditional 60/40-style portfolios proved non-resilient. - **Recommended audience & why**: Asset management executives, regulators and investors tracking how rate hikes redrew the global asset management map and why eurozone centers gained while London and Hong Kong slipped. ## 2024-Global-Asset-Management-Center-Index-Report - **Type | Year**: Global Asset Management Center Index Report (English) | 2024 - **One-line summary**: The fourth annual GAMCI by CEIBS Lujiazui International Institute of Finance (English edition), ranking global asset management centers in the rate-cut cycle and analyzing new themes such as sovereign wealth funds, US tech stocks, AI in asset management and Asia-Pacific regulatory innovation. - **Key content**: - Part 1: 2024 comprehensive and sub-field rankings, plus the updated indicator system and weights. - Part 2: analysis of key indicators by demand side (Topic: asset allocation of sovereign wealth funds, including Middle Eastern SWFs), supply side (Topic: strong US technology stock performance) and business side (Topic: significant AuM expansion, with a BlackRock deep-dive). - Part 3: regional characteristics — Europe (rate cuts, tokenization, Luxembourg funds, AI in the investment value chain), North America (private equity fundraising/exits/secondaries, Canadian fintech), Asia-Pacific (Japan's Special Zone for financial and asset management business, Hong Kong virtual-asset ETFs and Stock Connect adjustments). - Outlook: rate-cut portfolio shifts, AI/blockchain reshaping operating models, and rising ESG/alternative-asset demand as competitiveness benchmarks. - **Key data & findings**: The report documents the world's top 10 asset managers' AuM changes (2023-2024), BlackRock's AuM and net-flow dynamics, Japan's market-entry office cases, and HK virtual asset licensing/ETF tables — evidencing a tech-driven, ESG-oriented reallocation of global capital. - **Recommended audience & why**: Institutional investors, asset managers and policymakers tracking post-hiking-cycle center rankings and emerging themes (SWF capital, AI, tokenization, Asian regulatory competition). ## 2024-Report-on-Global-Sustainable-Finance-and-Low-Carbon-Development - **Type | Year**: Annual Sustainable Finance & Low-Carbon Development Report | 2024 (published Oct 25, 2024) - **One-line summary**: The English edition of CLIIF/CEIBS FMBA's annual report tracking global sustainable finance markets and corporate decarbonization, with a focus on China's green finance development under the "dual carbon" goals; it concludes that capital markets have not yet built a real reward mechanism ("green/carbon premium") for low-carbon investment. - **Key content**: - Global sustainable bond and loan market development across three phases (2016–19 stable, 2020–21 pandemic-driven boom, 2022+ decline and 2023–24 rebound), with green bonds as the dominant instrument. - EU sustainable finance framework built on three pillars: Taxonomy, disclosure system, and sustainable investment tools. - China's green finance market: green loans, green bonds, and emerging transition/social finance; remaining gaps in mandatory disclosure and international alignment. - Banks' decarbonization progress: net-zero targets and lending exposure to five carbon-intensive industries (oil & gas, coal, power, steel, cement) by region. - Corporate net-zero commitments in carbon-intensive industries (432 global companies analyzed). - Chapter 3 "CEIBS Alumni Insights": FMBA alumni research on ESG investing and alpha in China's CSI 300 market. - **Key data & findings**: - Europe accounts for ~50% of global sustainable bond issuance; in H1 2024 Europe's sustainable loan market reached $160.2bn (42.4% of global), ahead of the Americas' 37.4%. - China's green loans grew at 26.62% CAGR (2018–2023); green bond issuance hit records of ¥980bn (2022) and ¥1.08tn (2023); 53 Sustainability-Linked Bonds (¥40.6bn) issued in 2023. - Of the world's 54 largest lending banks, 48 set net-zero targets; 37 banks cut loan exposure to the five carbon-intensive industries by 24% (vs 2017), with related emissions down over 40%; Asia-Pacific banks moved opposite. - 68% of 432 carbon-intensive companies have net-zero targets, but only 17% aim for full net-zero; no solid evidence of a persistent green premium exists. - **Recommended audience & why**: Policymakers, financial regulators, ESG investors, and corporate sustainability executives—especially those assessing China's green finance trajectory. It answers: how are global/Chinese sustainable finance markets evolving, are banks and corporates actually decarbonizing, and does ESG investing generate alpha in A-shares? ## 2025-Global-Asset-Management-Center-Index-Report - **Type | Year**: Annual Index/Quantitative Evaluation Report | 2025 (published Sep 23, 2025) - **One-line summary**: The fifth annual Global Asset Management Center Index Report by CLIIF, ranking major global asset management centers via a multi-dimensional indicator system and introducing a new "asset management technology" dimension; it concludes the industry is heading toward a technology-driven, multipolar structure rather than single-center dominance. - **Key content**: - Part 1: Comprehensive evaluation and sub-dimension rankings of global asset management centers (funding sources, institutional openness & talent, underlying assets, managers/open-end funds, ESG & alternatives, growth rate), plus indicator-system updates. - Part 2: Key indicator analysis across demand, supply, and business sides; a newly added "Asset Management Technology" indicator assessing digital infrastructure, data centers, AI investment, patents, large AI models, and robo-advisors. - Part 3: Regional characteristics—geographic concentration of global AuM, globalization paths of top asset managers, business features of the top two asset management cities. - China-Europe cooperation: EU Capital Markets Union progress, key cooperation areas, and barriers for Chinese institutions issuing UCITS funds in Europe. - Digital assets: market structure, digital asset ETFs, stablecoins, and real-world asset (RWA) tokenization and liquidity constraints. - Outlook: technology as the core competitiveness variable; green finance and cross-border regulatory mutual recognition as key arenas. - **Key data & findings**: - Covers global AuM shares of major centers (June 2024 vs June 2025), showing continued US/dollar-asset magnetism amid safe-haven demand and emerging regional growth poles. - Technology framing: AI reduces costs across the asset management value chain (investment research to client service); centers strong in asset management technology can achieve leapfrog development. - Views dollar-asset pull and regional institutional innovation as jointly driving a multipolar landscape; Europe retains first-mover advantage in green/sustainable investing while the Middle East, Asia and North America converge. - **Recommended audience & why**: Asset management executives, financial center policy makers, regulators, and institutions planning cross-border expansion. It answers: which cities lead global asset management and why, how technology reshapes center competitiveness, and how Chinese institutions can enter European markets. ## 2026-Global-Asset-Management-Center-Index-Report - **Type | Year**: Global Asset Management Center Index Report | 2026 (published by CEIBS Lujiazui International Institute of Finance, CLIIF) - **One-line summary**: An annual index report ranking global asset management centers using an eight-dimension, 65-indicator framework (newly adding "institutional opening-up" as a standalone dimension); it finds New York still No.1, London rising to No.2, and Shanghai entering the global top three for the first time as Asia's highest-ranked center. - **Key content**: - Chapter 1: 2026 overall rankings and dimension-by-dimension shifts in the competitive landscape. - Chapter 2: Decomposition of core competitiveness — capital sources, investable assets, institutions, products/activities (ETF expansion), technology (AI resources), tax and talent environment. - Chapter 3: Institutional opening-up — evaluation framework, global typology, and Shanghai's stage of development. - Special Report I: AI applications in asset management, sources of alpha in AI-enhanced funds, and AI risk management/regulation. - Special Report II: AUM evolution, strategies and asset allocation of the global top ten asset managers. - Special Report III: Global allocation outlook for 2026–27, US Treasury supply, real rates, and the international allocation value of RMB assets. - **Key data & findings**: New York scores 93.62 (down 4.29), London 88.04 (+3.46, up one spot), Shanghai 87.05 (+2.83, up two spots to No.3); Toronto 4th (86.08), Paris 5th, Boston 6th, Tokyo rises to 8th, Beijing jumps six places to 10th, Hong Kong falls to 11th, Singapore to 14th. Shanghai's equity market cap rose from US$7.62tn to US$10.12tn and bond balance to US$28.74tn (2025–26). Three competitive models emerge: super-integrated (New York), cross-border network (London/Paris/Frankfurt), and large-market growth (Shanghai). - **Recommended audience & why**: Policymakers, financial regulators, asset managers and institutional investors — it answers which cities are winning the asset management center race, why (capital depth, institutions, technology, opening-up), and how RMB assets and AI will reshape global allocation through 2027. ## Research-Report-on-European-Asset-Management-Centers - **Type | Year**: Thematic Research Report | June 2025 - **One-line summary**: A CLIIF report marking the 50th anniversary of China–EU diplomatic relations, systematically tracing the history, institutional framework, market structure, and talent/technology landscape of European asset management centers, and mapping pathways for Sino-European asset management cooperation; it argues Europe is a stable, complementary destination for Chinese capital and institutions. - **Key content**: - Chapter 1 Origins & Development: from the world's first mutual fund (Netherlands) to the UK's rise as a global hub; foundational factors (economic development, wealth, infrastructure, business environment). - Chapter 2 Institutional Framework: Capital Markets Union (CMU) and Savings and Investment Union (SIU) progress, harmonized financial infrastructure, and tax policies facilitating cross-border investment. - Chapter 3 Market Structure: multi-tiered centers—London's global orientation, Paris/Frankfurt as regional hubs, Luxembourg and Ireland as intermediary domiciles; product diversification (active ETFs, alternative funds recovery, ESG/light-green vs dark-green funds) and asset allocation trends. - Chapter 4 Talent & Technology: post-Brexit talent redistribution, post-pandemic mobility, European fintech, and the Amundi ALTO platform case (digitalization of asset servicing, wealth management, and GenAI applications). - Chapter 5 Sino-European Cooperation: globalization paths of European managers, key cooperation areas (green finance, ETF mutual recognition), and Chinese institutions' UCITS funds in Europe. - **Key data & findings**: - Structurally complementary pattern: European institutions with steadily rising global asset management market shares. - March 2025: European Parliament lifted the ban on exchanges with China; May 2025: China–EU consensus to "simultaneously lift restrictions on exchanges," reopening a window for deeper financial cooperation. - The report proposes building cross-border Sino-European asset management platforms and expanding regulatory mutual recognition of products to boost China's participation in the global asset management ecosystem. - Analyzes European ETF industry growth (2007–2025), active ETF AUM trends, and AIF net assets by country (2022–2024). - **Recommended audience & why**: Asset managers, regulators, and policy researchers involved in China–Europe financial cooperation or cross-border fund distribution. It answers: how European asset management centers are structured, what makes them attractive, and how Chinese institutions can realistically enter Europe. ## Research-Report-on-Standard-System-and-Comparative-Analysis-of-IFCs - **Type | Year**: Thematic Research/Policy Report | June 2025 - **One-line summary**: A CLIIF report that distills international policy frameworks and evaluation standards for financial centers, builds a four-dimension assessment framework, benchmarks Shanghai against New York, London, Hong Kong, and Singapore, and proposes a phased development path for Shanghai's high-standard international financial center; it concludes Shanghai still lags mainly in internationalization, institutions, products, infrastructure, and talent. - **Key content**: - Part I: Overview of international frameworks—IMF (Financial Access Survey, Financial Soundness Indicators), World Bank, OECD financial literacy, BIS/Basel Framework, FATF AML/CFT standards (incl. China's 2022 assessment), and the EU sustainable finance framework. - Part II: Design of an assessment framework for international financial centers across institutional, market, currency, and distinctive (tech finance, green finance) dimensions. - Part III: Comparative analysis of the distinctive strengths of leading centers and Shanghai's gaps versus New York, London, Hong Kong, and Singapore. - Part IV: Objectives, development path, and indicator system for Shanghai's high-standard development. - Part V: Key measures and policy recommendations, including RMB internationalization (CIPS, offshore-onshore integration), and piloting capital account convertibility in the Lingang New Area via Free Trade Accounts. - **Key data & findings**: - Identifies five main Shanghai gaps: limited internationalization (few foreign institutions, weak pricing power), weaker attraction of top-tier foundational institutions than New York/London/Beijing, insufficient product diversity, less competitive financial infrastructure and regulatory interoperability, and talent shortfalls versus New York, London, Singapore. - Proposes a phased approach: short term—expand institutional opening and pilot internationally aligned regulation; medium term—upgrade the "four key systems" of the financial center. - Recommends promoting RMB use in cross-border capital transactions, supporting more foreign institutions issuing RMB bonds domestically, and orderly capital account liberalization under risk control. - **Recommended audience & why**: Financial regulators, Shanghai municipal policy makers, and think tanks working on financial center development and RMB internationalization. It answers: what international standards define a strong financial center, where Shanghai stands, and which reforms should be prioritized. ### AI & Technology Frontier ### AI & Technology Frontier ## AI-Industry-Landscape-Report-2025 - **Type | Year**: Industry Landscape Report | 2025 - **One-line summary**: An AI industry landscape report jointly published by MoonFox (an Aurora company, Shenzhen Hexun Huagu) and the CEIBS AI and Management Innovation (AIMI) Research Center, surveying global and Chinese AI development, technology trends, and (per the table of contents) Chinese AI companies going global; it finds competition shifting from "platform competition" to "application competition" in vertical scenarios. - **Key content**: - Chapter I, Current Status of AI Development: global AI market size and financing recovery; US dominance in financing and R&D; corporate landscape led by OpenAI/ChatGPT; LLM technology paradigm upgrade from pre-training scaling to reasoning scaling (o1/o3 models). - China's domestic landscape: financing increasingly focused on AIGC; rapid growth of AIGC application users and penetration; competition moving from model parameters to commercialization and terminal applications (AI + education, healthcare, finance, office, etc.). - Southeast Asia: high consumer acceptance of AI, but weak local startup financing while foreign companies invest in regional AI infrastructure. - Chapter II (Comprehensive Study of AI) and Chapter III (Chinese AI companies going global) are largely truncated/unreadable in the extracted text; content inferred from title and structure. - Appendix: MoonFox data products (iApp, iBrand, iMarketing, financial alternative data) and MoonFox Research Institute services. - **Key data & findings**: - Global AI market projected to grow at ~19.1% CAGR over the next decade (from $368bn in 2024 toward 2034); Q3 2024 AI transaction volume reached 1,245, back to early-2022 peak levels. - US captured over 70% of global AI financing (Jan–Oct 2024); US holds 44% vs China 36% of global large language models; ChatGPT user base exceeds 5.1 billion (downloads basis) with ~29 million average monthly downloads. - Reasoning models advance sharply: o3 scores 71.7% on SWE-Bench Verified (vs 41.3% for o1-preview). - China's AIGC app penetration reached 27.1% by Nov 2024 (up ~20pp in a year); Southeast Asia shows ~80% AI acceptance, contributing ~9.9% of ChatGPT downloads. - **Recommended audience & why**: AI industry analysts, investors, and tech companies assessing global vs China AI ecosystems and Southeast Asian expansion. It answers: where is AI investment flowing, how are LLM capabilities evolving, and how mature is AIGC demand in China and Southeast Asia?