earticle

영어

China has continued economic growth since the country's Reform & Open-door Policy in 1978. Especially, the successful hosting of the 1990 Peking Asian Games and the 2008 Beijing Olympics Game was an important mark to let the world know China as a brand and inform of the country's economic growth. However, it is still questionable in the midst of splendid economic achievements whether China is globally competitive enough to compete with the world. While China still works as a plant of the entire world with its inexpensive labor which is overtaken by Southasian countries like Vietnam and Laos. China will have to be competitive in related areas other than labor to compete with the world. Especially, companies are a critical axis of the national economic growth and it is very important for them to be globally competitive. Therefore, the Chinese government finds Chinese companies' corporate social responsibility (CSR) and their socially responsible management to be essential. The demand for CSR became higher since 2000 or in specific, the 2009 Beijing Olympics Game and the 2010 Shanghai Expo. This study explored CSR defined in Article 5 of the Corporation Act as a way for the Chinese companies to become more globally competitive. It also reviewed issues pertaining to CSR discussed and developed mostly by state-owned companies. Also, the study discussed how laws and policies can be improved to help CSR to reach the entire corporate society of China. China will not be able to realize CSR by depending on the Corporation Act and the provisions. Therefore, based on Article 5 of the law defining CSR, China is revising other related laws such as the Lab or Act, the Consumer's Rights Protection Act, and the Environmental Protection Act. The Chinese government expects that the revision will be able to specify the interests of stakeholders in terms of CSR and regulate the myopic corporate behaviors aimed at maximizing profits unilaterally without considering the equivalent interests of creditors, shareholders and consumers. These efforts are expected to solidify a foundation for Chinese companies to be more globally competitive and provide major dynamics for the foundation to realize sustainable development.