Compliance guidelines for cross-border flow of financial industry data will be released
2024-11-22
The 2024 World Internet Conference Wuzhen Summit has continuously released the latest policy signals of the digital economy. At the "Data Governance" sub forum of the 2024 World Internet Conference Wuzhen Summit held on November 21, Li Wei, Director of the Department of Science and Technology of the People's Bank of China, revealed that he was stepping up the introduction of compliance guidelines to promote and regulate the cross-border flow of data in the financial industry, which will give clearer guidance to financial institutions in the field of cross-border flow of financial data. AI and manufacturing industry are deeply integrated. At the sub forum of the 2024 World Internet Conference Wuzhen Summit "AI empowering new quality productivity development" held on the same day, Zhang Yunming, Vice Minister of the Ministry of Industry and Information Technology, introduced that China's AI industry is booming, the industrial system is gradually improving, the number of enterprises has exceeded 4500, and innovative achievements such as smart chips, development frameworks, and general models are emerging. At the same time, the layout of artificial intelligence infrastructure is accelerating, and collaborative development such as cloud computing, intelligent computing, and supercomputing is taking place, ranking second in the world in terms of computing power scale. Major projects such as East Digital and West Computing are accelerating, with over 4 million 5G base stations. In addition, the deep integration of artificial intelligence and manufacturing has cultivated 421 national level intelligent manufacturing demonstration factories, and 72 Chinese enterprises have been selected as global lighthouse factories, accounting for 42% of the world's total, effectively promoting the high-end, intelligent, and green development of the manufacturing industry. Zhang Yunming stated that we must adhere to innovation driven development, increase innovation and research efforts around computing power, algorithms, data and other technologies, promote software and hardware adaptation, build a full stack industrial chain from intelligent chips to algorithm frameworks to large models, accelerate the iteration of large model technology and product upgrades. Adhere to application promotion, with a focus on artificial intelligence+manufacturing, promote practical cooperation between industry and business, jointly promote the application of artificial intelligence technology in industrial scenarios such as research and development design, pilot testing, and production manufacturing, and enhance the level of AI empowerment in the manufacturing industry. On the same day, AI was also a key word in the Blue Book of World Internet Development Report 2024 and China Internet Development Report 2024 released at the 2024 World Internet Conference Wuzhen Summit. The China Internet Development Report 2024 shows that China has built nearly 10000 digital workshops and intelligent factories, with deep integration of artificial intelligence and manufacturing. In more than 90% of national intelligent manufacturing demonstration factories, artificial intelligence, digital twins and other technologies have been applied. The World Internet Development Report 2024 clarifies that the field of AI technology is showing unprecedented innovation vitality and competition, and China and the United States continue to lead AI. The United States maintains a leading position in the development, investment, and commercial application of top-level artificial intelligence models, while China presents advantages in artificial intelligence innovation potential and market size. Continuously improving the cross-border data management system. With the development of the global digital economy, the generation, storage, and processing of data are increasingly unrestricted by geography, and cross-border data flow has become the norm. How to effectively ensure the security of cross-border data flow and achieve a balance between development and security is both a key and difficult point. Li Wei introduced at the "Data Governance" sub forum of the 2024 World Internet Conference Wuzhen Summit held on the same day that he was stepping up the introduction of the Compliance Guide for Promoting and Regulating the Cross border Flow of Data in the Financial Industry, hoping to give financial institutions clearer rules and guidance on the cross-border flow of financial data. Li Wei stated that the financial industry, as a typical data intensive industry, is undergoing profound changes in the context of high-level opening up to the outside world, and the demand for cross-border flow of financial data is rapidly increasing. We hope to further facilitate the cross-border flow of financial data within a legal and compliant framework, and remove obstacles for financial institutions to expand their business across borders, "said Li Wei. Xue Fei, Deputy Director of the Data Security Supervision Division of the Network Data Management Bureau of the State Internet Information Office, introduced that the Regulations on Promoting and Regulating the Cross border Flow of Data, which was implemented in March, adjusted and optimized the implementation and connection of security assessment, standard contracts and other systems, relaxed the conditions for cross-border flow of data, and narrowed the scope of data exit security assessment. From the perspective of implementation effect, the expected goal of introducing the "Regulations" to promote cross-border data flow has been basically achieved. For example, the average time for data export security assessment has been significantly reduced. Since the beginning of this year, the time required for data export security assessment has continued to decline, with an average time of less than 30 working days. Xue Fei stated that the Cyberspace Administration of China will closely follow the needs of digital economy development, strengthen policy supply, continuously improve the cross-border data management system, and achieve a positive interaction between high-quality development and high-level security. Continuously optimize the mechanism of data export management, strengthen collaboration and linkage with various regions and departments, promote efficient implementation of various policy measures, guide and assist enterprises in China to carry out cross-border data flow in a compliant and orderly manner, and support enterprises in serving the global market. (New Society)
Edit：Yao jue Responsible editor：Xie Tunan
Source：China Science Daily
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