Thomas Zhang, Associate and Head of IT & IS, not too long ago spoke at Edge Austria’s once-a-year meeting, AUSTRIA Hook up CHINA 2022. Held in Beijing, this 3-day hybrid event was hosted by the professional segment of the Austrian Embassy with Thomas joining practically from Shenzhen.
Through the party, China’s 14th Five-12 months-Plan (14TH FYP) was a single of the most important focuses. Commenting on the 14th FYP, Mr. Andreas Riecken, Austrian Ambassador to China, remarked that China continues to be by far the most essential trading spouse for Austria in Asia. In these challenging moments, it is primarily essential for Austrian corporations to extensively fully grasp what ailments exist for them performing enterprise in China.
Thomas gave an opening remark in the second day’s Information Regulation session and joined in on the panel dialogue as well. In his opening remark, Thomas presented an overview of the 14th Five-Calendar year Plan for Nationwide Informatization and China’s targets for informatization and electronic financial state progress. When explaining information compliance difficulties overseas firms facial area in China, Thomas famous that, “Compliance is not only for China, but is also a all over the world difficulty. If you are GDPR compliant in the EU now, you could acquire a equivalent methodology for compliance in China. Even so, we also want to pay out interest to the dissimilarities concerning PIPL and GDPR, as these variations will lead to unique emphasis and attempts for compliance in China. Meanwhile, we continue to have to have to hold out for additional in depth clarification on these prerequisites.”
When requested about what instant steps overseas investors should really consider beneath the tightening information regulatory ecosystem in China, Thomas encouraged, “The most vital issue is for the decisionmakers to change their mentality and genuinely get info protection and compliance in China significantly. Then you will require internal or exterior professionals to critique your compliance scenario to superior understand how to consider the next move.”
Ought to you have any inquiries about how to be compliant below China’s details stability polices, our team of authorities can assist you.
Even further Sources
For further more sources on China’s information regulation, you can visit our site, China Briefing, wherever you can find posts and webinars these as: