The Ministry of Industry and Information Technology of China has issued a draft three-year action plan to develop the country’s cybersecurity industry. The Ministry estimates that this sector may be worth more than 250 million Yuan ($38.6 Billion) by 2023. This draft comes in support of Chinese authorities aim to draft regulations to better govern data storage, data transfer, and personal data privacy.
China’s tightening grip on Data Protection
Recently, the Chinese Cyberspace Administration suspended app downloads of ride-hailing application Didi. It also launched an investigation into other firms listed/ looking to list themselves in the US.
Chinese authorities are trying to limit unregulated data transfers. Hence they are looking into cybersecurity measures of companies listing or listed in the United States. The measures include governance of data storage, transfer, and personal data privacy
Last Saturday, after it launched an investigation into US-listed firms, the Cyberspace Administration of China said that any company with data of more than 1 million users must undergo a security review before listing its shares overseas.
China is also planning to build a common data platform for the Greater Bay Area. The area includes Guangdong, Hong Kong, and Macau.