China’s proposed cyber security laws met with strong disapproval from global business
In response to the recent changes proposed by China to its cyber security legislation and insurance laws, a coalition of 46 businesses from around the world sent a letter to Chinese Premier Li Keqiang, expressing their concerns.
The group are also advocating a reconsideration of the amendments to existing regulations, and the letter was signed by businesses involved in the finance, manufacturing and information service industries, among others.
A key cause for concern focuses around the premise that the new laws will constrain the conduct of international business, though there is also apprehension that said new legislation could also in fact hinder the country’s data security, the South China Morning Post reports, increasing the opacity of data review procedures.
This comes amid recent concern from multi-national corporations of China’s inward-approach to growth amid growing concern of a recessive trend in global trade, and spark wider discussions of the incompatibility of national regulations in an international business climate.
The cyber security and insurance laws passed through a second drafting process at the end of June. Such amendments will habitually undergo a third draft before being enacted into law.