I would not say that China has a valid ESG framework. There are some strategic efforts by the Chinese government in certain areas that overlap with the ESG agenda, with a focus on the environment, which is consistent with the Environmental pillar of ESG. China’s environmental efforts began a long time ago, when its environmental crisis reached a catastrophic level, making the environment top priority for the Chinese government. Reducing pollution, building a “Beautiful China” with clean water, green grass, and arable land: All of this fits perfectly with China’s strategic goal, announced by Xi Jinping, to completely decarbonize the Chinese economy by 2060. But there is a catch: emissions will peak by 2030. As for the remaining pillars, S and G have limited application in China, because the CCP, rather than businesses, is in the driver’s seat. Regarding pillar G, the private sector clearly determines the main lines of its development, but in large companies, even if they are private and not state-owned, there most likely is some sort of a CCP cell that monitors the company’s behavior. Obviously, corporate goals are to some extent aligned with the strategic development goals of the state itself. Therefore, it cannot be said that China has a robust ESG framework in the Western sense of the term. However, some Chinese companies, especially those listed on foreign and Chinese stock exchanges, already publish ESG reports, but they focus mainly on the Environmental pillar. In Russia, too, this is largely a new phenomenon introduced from the West to meet the needs of foreign investors. I would conclude that neither Russia nor China has a full-fledged ESG framework yet, but it is gradually emerging, especially in China.