In China, CSR is still at introductory stage and is yet to make any firm foothold in the Chinese business space. However, with new economic reforms and increasing number of MNCs entering the market, many CSR best practices are getting introduced.
Corporate Social Responsibility (CSR) has become a buzzword in the corporate circle. Companies are trying to present a socially responsible face to stakeholders. Academics working in the field of CSR are, however, cautious in their evaluation of CSR practices adopted by various MNCs. While there is a broad recognition of the place of CSR in the boardroom agenda, the specifics are often debated.
Activist groups are quick to point out that social responsibility derives its position and power from the geopolitical as well as sociocultural contexts a company operates in. They feel that the true test of CSR lies in integrating the global concern of MNCs with their local implementation strategy. While strong activism has helped CSR to evolve in Europe and US, Asia presents a tougher challenge. Social responsibility as a concept is yet to make strong ground in different Asian countries.
China, given its political and social lineage, is getting increasing attention from the international community working in the area of CSR. China has become a party to the WTO, and more and more multinationals are looking at China for its vast, cheap labor pool and the huge market potential1. Analysts have predicted that if China continues to grow at its current pace2, it may emerge as the world's largest economy by 2020. The business limelight has also brought in questions regarding the CSR environment in China and some related areas of concern. |
