China should consider how its cross-border data transfer rules could threaten its status as a leader in both manufacturing and the digital economy.
Cross-border data transfer has become a focused issue for multinational companies that have operations in China. Each company should develop a wise and practical compliance strategy with experienced advisors on the ground.
China’s Banking and Insurance Regulatory Commission (CBIRC) recently released the Draft Measures on the Protection of Consumer Rights and Interests in Banking and Insurance Institutions (Draft) for public comment.
Shanghai and Shenzhen, the two economic hubs of China, implemented their respective “Data Regulations”. These municipal-level legislations attempt to balance the interest of stakeholders in the utilization of public data, data sharing, and privacy protection.
While #DiDi is a Chinese company, the article identifies certain takeaways for #MNCs to upgrade their #dataprivacy #compliance strategies in #China.
A succinct summary and comments on China’s newly released standard contractual clauses governing cross-border data transfer.
The draft regulations require all banking and insurance companies operating in China to enhance their mechanisms of consumer protection.