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China proposes Global Initiative on Data Security: FM

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Biz China Weekly: Auto market, energy, special bonds, BeiDou

BEIJING, Sept. 8 (Xinhua) — China on Tuesday proposed a Global Initiative on Data Security to respond to new issues and challenges emerging in the field of data security and contribute to global digital governance. The proposal was made when Chinese State Councilor and Foreign Minister Wang Yi attended the International Seminar on Global Digital Governance via video link. Wang said as the digital economy is thriving in China, the country has taken a constructive role in multilateral discussions on data security including at the UN, G20, BRICS and the ASEAN Regional Forum. “We look forward to the active participation of all parties,” he said. According to Wang, the initiative is comprised of eight key points. He suggested that states should handle data security in a comprehensive, objective and evidence-based manner, and maintain an open, secure and stable supply chain of global information and communications technology (ICT) products and services. Meanwhile, “states should stand against ICT activities that impair or steal important data of other states’ critical infrastructure,” Wang said. Faced with activities jeopardizing personal information, Wang said states should take actions to prevent and put an end to such activities through the use of ICTs, and oppose mass surveillance against other states and the unauthorized collection of personal information of other states through ICTs. Wang said companies should be encouraged to abide by laws and regulations of the state where they operate, while states should not request domestic companies to store data generated and obtained overseas in their own territory. “States should respect the sovereignty, jurisdiction and governance of data of other states, and shall not obtain data located in other states through companies or individuals without other states’ permission,” he added. Wang said states need to obtain overseas data through judicial assistance or other relevant multilateral and bilateral agreements. Finally, Wang stressed that providers of ICT products and services should not install backdoors in their products and services to illegally obtain users’ data, and ICT companies should not exploit users’ dependence on their products.

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China

Government subsidies don’t boost Chinese firms’ productivity

China’s industrial subsidies have caused considerable controversy both internationally and domestically. Trading partners have accused China of unfairly favouring its indigenous firms with subsidies, leaving foreign companies at a disadvantage in the race to lead the technologies of the future.

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East Asia Forum

Governments around the world regularly spend an enormous amount of money subsidising businesses. But few spend like China. A 2022 report suggests that China spends 1.7–5 per cent of its GDP on industrial policies, more than most countries.

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Companies

Chinese Smartphone Manufacturer Lays Off 3,000 Employees Following Closure of Chip Design Division

OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).

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OPPO, a major Chinese smartphone maker, announced the closure of its chip design company ZEKU Technology (ZEKU).

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Companies

Company Owned by Chinese Billionaire Guilty of Paying $1 Million in Bribes to LA Councilman

A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.

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A Los Angeles real estate firm owned by a Chinese billionaire is guilty of paying more than $1 million in bribes to a Los Angeles city councilman as part of a scheme that involved luxury cruises, high-rolling trips to casinos, and prostitution.

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