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China: State Council publishes opinion on increasing foreign investments, examines data flows

On August 13, 2023, the State Council published an opinion on increasing efforts to attract foreign investments. The State Council explained that in order to further optimize the foreign investment environment, improve the level of investment promotion work, and increase efforts to attract foreign investments, China should, among other things, improve the level of investment and operation facilitation. On this point, the State Council recommended exploring convenient security management mechanisms for cross-border data flows which include:

  • implementing the requirements of the Cyber ​​Security Law, the Data Security Law, and the Personal Information Protection Law;
  • efficiently carrying out security assessments for the export of important data and personal information; and
  • promoting the safe, orderly, and free flow of data.

In addition, the State Council proposed supporting Beijing, Shanghai, Hong Kong, and the Macao Greater Bay Area in implementing systems such as data exit security assessments, personal information protection certifications, and personal information exit standard contract filing. Notably, the State Council highlighted a pilot exploration of the formation of a general data list that allows for the free flow of data.

You can read the opinion, only available in Chinese, here.