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China will carefully study issues of market access and cross-border data flows with new regulations coming soon in these areas, said Premier Li Qiang at the China Development Forum held in Beijing, as reported by Reuters on March 24. Introduced in 2000, this annual forum serves as a pivotal platform for global CEOs and Chinese policymakers to discuss foreign investment. At this year’s forum, Premier Li stressed that China willpromote emerging industries including biological manufacturing, artificial intelligence (AI), and data economy. Additionally, Beijing’s change of attitude towards cross-border data flows was also reflected by the recent relaxation of some data export rules. On March 22, the Cyberspace Administration of China (CAC) issued rules to facilitate and regulate cross-border data flow. The new rules exempt data generated or collected in activities like international trade and cross-border transportation from declaration requirements if no personal information or important data is involved.
China has strengthened its oversight of data generated within the border in recent years due to national security concerns. The tight cross-border data security requirements have brought burdensome compliance costs to multinationals and created uncertainties. Last September, the CAC proposed revisions to the stringent rules, considering waiving security assessments for much of businesses and personal activities involving sending Chinese data abroad. The finalization of the proposed relaxation of regulations is a big relief to multinationals operating in China. The rollback of data export rules came in the wake of declined foreign investments in China. During the first two months of 2024, foreign investments flowing into China declined 19.9% year-on-year to RMB215.1bn (USD30bn).
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