China's new data privacy law goes into effect on November 1
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- čas přidán 19. 08. 2021
- CNBC's Eunice Yoon reports on China's new data privacy law. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
China passed a major data protection law on Friday setting out tougher rules on how companies collect and handle their users’ information.
The rules add to Beijing’s tightening of regulation, particularly around data, which could impact the way China’s technology giants operate.
The Personal Information Protection Law (PIPL) lays out for the first time a comprehensive set of rules around data collection, processing and protection, that were previously governed by piecemeal legislation.
After several drafts, the PIPL was passed by China’s legislature on Friday, according to state media. However, the final version of the law has not yet been published.
A previous draft of the law said that data collectors must get user consent to collect data and users can withdraw that consent at any time. Companies that process data cannot refuse to provide services to users who don’t agree to having their data collected - unless that data is necessary for the provision of that product or service.
There are also strict requirements for transferring Chinese citizens’ data outside the country.
Companies that fall foul of the rules could be fined.
Beijing ramps up tech scrutiny
The PIPL comes as China’s regulatory scrutiny on the country’s technology companies intensifies. With the PIPL, alongside the country’s Cybersecurity Law and Data Security Law, China has beefed up its data regulation.
“The release of the PIPL completes the trifecta of China’s foundational data governance regime, and will usher in a new age of data compliance for tech companies,” said Kendra Schaefer, Beijing-based partner at Trivium China consultancy.
Globally there has been a push to create better rules around data protection. In 2018, the European Union’s landmark General Data Protection Regulation came into effect. That regulation aims to give citizens in the bloc more control over their data.
Beijing has been growing concerned about the amount of data companies are collecting - particularly in the internet sector, and the potential implications of that.
In July, regulators opened a cybersecurity review into ride-hailing giant Didi, just days after its huge U.S. initial public offering. Didi was forced to stop signing up new users and its app was also removed from Chinese app stores. China’s cyberspace regulator alleged that Didi had illegally collected users’ data.
China’s technology giants are bracing for further restrictions.
Tencent, the owner of the popular WeChat messaging app, warned on Wednesday that further regulations could be coming for the technology industry.
This year, regulators also introduced anti-monopoly rules for the so-called platform economy and regulations on unfair competition in the internet sector.
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They don’t want to follow a failing American system.
Gotta love these Chinese bots and Wu Mao (paid internet trolls by the ccp). How bout you get off our media, since it's actually illegal in China for you to be here
Why do they even have her stationed out there? It seems like most of her reporting could be gleaned from Google? I don’t think I’ve ever seen her interview a Chinese person or have any inside sources.
Maybe she prefers living in Shanghai rather than the US
China did right as it used legal ways to ensure a healthy tech ground.
@Jag singh go back to china
I've made more money shorting Chinese stocks on the NYSE this year than I made holding Tesla for three years. Easy money.
Don't get squeezed. Short China is the third most crowded trade in August after ESG and long tech.
@@imranarshad7302 I day trade using Level III data. Definitely wouldn't take a long-term short position, especially with some Chinese stocks (like NIO) trending on Reddit's WSB on a regular basis.
That was a smart move. Congratulations.
Nice
Wow we know whos keeping this network on air.... lol.
Cardano is the future
"This data privacy law doesn't necessarily apply to the Chinese government". Pretty much sums it up.
Yes that's exactly the FUNDAMENTAL difference between the US and China governments. The US government has to stealthily acquire people's privacy as oppose to the situation in China where the government has access to everything and literally no need to 'prevent the government from stealing privacy'.
However, this law in China is different in terms of social order. China is quickly evolving into a cybercountry where privacy has essential value to big corps. The new law is more of setting up basic rules for game players of IT corps rather than respecting privacy.
Lol, yeah, cuz your data is totally safe from any other country.
@@ericp1139 I was making a point more generally about governments...
you think whatever privacy law in the US applies to the FBI and CIA?
lmao
Patriot Act.
Patriot Act. Shocking!
LOL…
Litecoin 🚀
boycott the china winter games
Trump lost. By a lot.
@@frogger832 I hate Trump. Boycott the games.
Si wants to be god