China Establishes National Data Bureau... WSJ Says It Will Become the Top Regulatory Authority
Proposal of 'State Council Institutional Reform Plan' by Cabinet on 7th
WSJ "May Establish and Enforce Corporate Data Collection Rules"
China's decision to establish a 'National Data Administration' that will intensively store and manage data is being evaluated as "the highest regulatory authority."
On the 7th, the State Council of China disclosed a proposal for the 'State Council Institutional Reform Plan,' which includes the establishment of the National Data Administration. The proposal was submitted to the National People's Congress (NPC), the parliamentary body, under the name of Premier Li Keqiang.
According to the State Council's explanation, the Data Administration will be responsible for tasks such as promoting digital economy development plans previously handled by the National Development and Reform Commission, implementing the national big data strategy, establishing fundamental data-related systems, and building data infrastructure. It will also coordinate and promote the establishment of data-based systems, oversee the sharing, development, and utilization of data resources, and plan and build the digital economy and digital society.
The U.S. Wall Street Journal (WSJ) evaluated this organization by stating, "The highest regulatory authority is being established by consolidating data control tasks handled by multiple departments into one place."
Furthermore, it predicted that this organization will decide whether multinational corporations can export data generated while operating businesses within China. It also added that the organization might establish or enforce rules regarding corporate data collection and sharing.
Hot Picks Today
"Buy on Black Monday"... Japan's Nomura Forecasts 590,000 for Samsung, 4 Million for SK hynix
- "Plunged During the War, Now Surging Again"... The Real Reason Behind the 6% One-Day Silver Market Rally [Weekend Money]
- [Good Morning Market] Tech Stocks Plunge on New York Exchange... KOSPI Expected to See Volatile Session
- "Samsung and Hynix Were Once for the Underachievers"... Hyundai Motor Employee's Lament
- "That? It's Already Stashed" Nightlife Scene Crosses the Line [ChwiYak Nation] ③
Additionally, the WSJ forecasted that this organization could investigate data shared by Chinese companies with foreign firms to identify potential national security threats.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.