China adopts its own GDPR law
With the adoption of the new Privacy Law, China has become the second major player after Europe to formulate its own rules in this area.
What's inside the law?
The new law is viewed by IT experts as the Chinese version of the European General Data Protection Regulation (GDPR). This is a set of rules that regulate the collection, use, processing, exchange and transfer of personal data by various organizations.
At the same time, the Chinese law is aimed at protecting Chinese citizens from various structures of the private sector, at the same time, government agencies reserve the right to access the personal data of Chinese users. Actually, no one doubted, right?
Business reaction
The law has been under development since May this year. Even then, representatives of American business sent a letter to the National People's Congress, protesting against the vague wording in the bill, as well as against large monetary fines and criminal liability. According to American businessmen, these rules will have a deterrent effect on innovation. On the other hand, American businessmen should have thought about this even at the stage of planning cooperation with the communist regime, even if it is "with a human face."
As of today, the United States itself does not have any federal data privacy law, and so far, European and Chinese regulations define the global digital arena. In any case, any company that processes Chinese user data as part of its business must now be subject to special scrutiny by the Chinese regulatory authorities and appoint a responsible person to verify that there has been no violation of this law.