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EU, China Launch Mechanism to Facilitate Industrial Data Flows

POSTED ON August 28, 2024 •   Technology      BY Abiodun Saheed Omodara •   VIEWS 70
A computer keyboard lit by a displayed cyber code is seen in this illustration picture taken on March 1, 2017. l Credit: REUTERS

The European Union and China launched the first discussions under a new system that aims to streamline cross-border data flows, the EU said in a statement on Wednesday.

The mechanism aims to facilitate international transfers of non-personal data for European businesses while ensuring their compliance with Chinese data laws, Reuters reported.

"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 said.

Last year, after co-chairing an EU-China High-level Digital Dialogue, the EU had expressed concern about China's data laws, including their "lack of clarity" and the "long processes" that companies have to undergo.

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