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In the News: Data Security Law Reform?; China Securities IPOs; and US Import Scrutiny Heightened
August 23, 2023 | BY
Clarence LeeChina meets executives of international firms in order to reassure them over data security regulations; CSRC seeks regulatory opinion for the frist time for overseas listing; and Chinese automobile parts included in U.S. import detention over Xinjiang concerns
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China Seeks to Reassure Foreign Firms over Data Security Laws
The Cyberspace Administration of China (CAC) has sought to reassure foreign companies such as Walmart and PayPal that they can still operate in China despite the new data security law, Bloomberg reported on Aug 17, 2023.
Executives from multiple international companies were invited to a meeting with CAC officials. Sources told Bloomberg that the officials took questions and offered guidance as to how firms can comply with the new rules. The meeting also involved a discussion of solutions such as "a fast-approval mechanism for routine transfers, as well as a curated "white-list" for data categories or even specific companies."