KEY CHARACTERISTICS OF CORPORATE SOCIAL RESPONSIBILITY AND FEATURES OF ITS DEVELOPMENT IN THE CHINA

Abstract

Implementation of the concept of corporate social compliance is an unknown basis of business development all over the world, including in China. The spread of CSR practices has become a global trend, not a separate economic phenomenon. Therefore, modern international companies should consider CSR as an important factor in shaping their competitiveness on the world market. In connection with this, the purpose of the study is to highlight the characteristics of CSR at the current stage and identify the key factors that contributed to the development of CSR in China. The following research methods were used when writing the article: generalization, analysis and synthesis to form the theoretical basis of the research, comparative and statistical and economic analysis to identify development trends, study of world experience. The article researches the theoretical foundations of the formation and development of CSR, summarizes the its key characteristics at the current stage, among which it is possible to single out the focus on ensuring sustainable development, the impact on the international competitiveness and investment attractiveness of the company, motivational character and tri-vector development, universalization of approaches to the implementation of CSR practices in different countries, the growth of state regulation of this area; the difficulty of evaluating the final results. The internal and external factors that contributed to the activation of CSR in China are singled out, including negative environmental and social consequences, the growth of the number of private enterprises, the need for the formation of non-financial reporting and inclusive growth. Features of CSR development in China are highlighted, as well as common features of CSR with European practice. Emphasis is placed on the important role of the state in the promotion of CSR in the PRC, in particular through the harmonization of regulatory and legal support. The development of CSR in the state sector of the economy is analyzed. The practical value of the research lies in the fact that the obtained results will allow a better understanding of the specifics of the CSR development of Chinese.