The European Union and China initiate discussions under a new system to facilitate cross-border data flows, addressing compliance with Chinese data laws for European businesses.
Bollywood Fever: The European Union and China have commenced discussions under a new mechanism designed to streamline cross-border data flows, the EU announced in a statement on Wednesday. This initiative aims to facilitate international transfers of non-personal data for European businesses while ensuring they remain compliant with China’s data regulations.
“A significant part of the EU-China foreign direct investment stock depends on companies’ ability to manage their data across borders. This is particularly relevant for sectors such as finance and insurance, pharma, automotive, and information and communication technology,” the EU noted in its statement.
This new dialogue follows concerns raised by the EU last year after co-chairing an EU-China High-level Digital Dialogue. The EU had expressed apprehensions regarding China’s data laws, particularly their “lack of clarity” and the “long processes” that companies must navigate to comply.
The launch of this system marks a step forward in addressing these concerns, with the goal of creating a more efficient and transparent environment for businesses operating between the EU and China.
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