Environmental risks generated by toxic chemicals have claimed the public’s attention for over three decades. Regulations on chemical risks began in 1980s in China, and have been developing from simple mandatory policy regulation towards a systematic management involving market-based instruments and public participation. With the development of economy and technology, the risk profile of toxic chemicals is changing, and new approaches are introduced and applied in the risk management strategies on toxic chemicals, such as Pollution Insurance and Information disclosure system. Those changes in ERM not only pose questions about the feasibility and effectiveness of the new risk management approaches, but also trigger shifts in the relationships between government, industry and civil societies. With more actors being involved in the ERM of toxic chemicals, the decision-making process in ERM may also be affected and this could have consequences for the further reform of environmental institutions.