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Financial industry urges China to ease cross-border data rules
来源：shippingazette 编辑：编辑部 发布：2023/07/04 14:58:37
CHINA should ease restrictions on cross-border data sharing, according to the Asia Securities Industry & Financial Markets Association (ASIFMA), reports Reuters.
Foreign investment could dry up if China's data rules remain vague or stringent, said the Asia Securities Industry & Financial Markets Association (ASIFMA) chief executive Alice Law.
"You try to create a firewall, and then your own market becomes a data island itself," she said, adding foreign firms could go elsewhere or diversify away from China. "Global markets should be interoperable and be able to talk to each other."
Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country.
Foreign investment could dry up if China's data rules remain vague or stringent, said the Asia Securities Industry & Financial Markets Association (ASIFMA) chief executive Alice Law.
"You try to create a firewall, and then your own market becomes a data island itself," she said, adding foreign firms could go elsewhere or diversify away from China. "Global markets should be interoperable and be able to talk to each other."
Last July, China unveiled cross-border data review measures that require a security review for "important" offshore data transfers - a move that triggered confusion and concern among foreign financial firms operating in the country.