This article presents an empirical analysis of the relationship between the ESG status of Chinese companies and their investment appeal. The study finds that, within the context of China's dual policy approach, two distinct circuits of ESG transformation have emerged: an integrative circuit for companies of strategic importance to the state, and an incentivizing circuit for market-oriented companies. The taxonomy of six ESG transformation models for Chinese companies, as presented in the article, also exhibits a clear dual structure. At one pole are models where the initiative and control of the "green" transformation lie with the state, and access for foreign investment is either closed or strictly limited. The other pole consists of models where ESG performance serves as a tool for integration into the global economy and correlates with companies' investment attractiveness. The conclusion is drawn that the ESG transformation of Chinese companies constitutes a complex dual system, incorporating elements of both state control and free-market integration into the global economy
ESG transformation, China, investment appeal, model taxonomy, dual governance system
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