SHANGHAI/HONG KONG : China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive.Last July, China unveiled cross-border data review
SHANGHAI/HONG KONG : China should allow cross-border sharing of information by financial firms operating in the country, a leading financial lobby group said, as authorities tighten control of data generated within its borders in a national security drive.
"You try to create a firewall, and then your own market becomes a data island itself," she said, adding foreign firms could go elsewhere or diversify away from China."Global markets should be interoperable and be able to talk to each other." The financial sector lobby group said cross-border transfer of data such as investment outlooks, portfolio analysis, shareholding information and anti-money laundering information should be allowed.
"There are certain decisions that are outside of their control," said Chao."They ask the market to be more patient," due to the time needed for internal coordination and deliberation.
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