China Says Foreign Investors’ Concern Over Its Cybersecurity Bill Is ‘Unnecessary’

More than 40 international business groups had lobbied the government last week.
China’s pending cybersecurity law will not create obstacles for foreign business, China’s Foreign Ministry said, responding to concerns by international business lobbies over the planned rules.

More than 40 global business groups last week petitioned Premier Li Keqiang, according to a copy of a letter seen by Reuters, urging China to revise draft cyber rules they believe are vague and discriminate against foreign enterprises.

The groups say the pending rules, including a cybersecurity law that could be passed this year, include provisions for invasive government security reviews and onerous requirements to keep data in China.

They say the regulations would impede China’s economic growth, create barriers to market entry and impair the country’s security by isolating it technologically.

See also: China Says the Launch of the Shenzhen-Hong Kong Stock Connect Has Been Approved

The ministry, in a faxed statement to Reuters late on Tuesday night, said the law will not be used to “carry out differential treatment and will not create obstacles and barriers for international trade and foreign businesses investing in China.”

It said companies would be able to transfer data required for business purposes outside China’s borders after passing a security evaluation.

“These evaluations are for supervising and guaranteeing that the security of this data accords with China’s security standards,” the ministry said.

“As for the legal requirement for internet operators to provide relevant data in the course of enforcement agencies’ counter-terrorism and criminal investigations, this is necessary for safeguarding national security and investigating crimes. All countries do this,” the ministry said.

Source:http://fortune.com/2016/08/17/china-cybersecurity-law-foreign-business/

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