BEIJING, April 17 (Xinhua) -- China has issued a guideline to facilitate and regulate cross-border flow of financial data amid efforts to boost high-standard opening up of the financial sector, the central bank said Thursday.
The guideline, released by six departments, including the People's Bank of China and the National Financial Regulatory Administration, aims to improve efficiency and compliance of cross-border flow of financial data.
It further clarifies the conditions for data export and specifies the list of data items permitted for cross-border transfer to facilitate smoother data flow.
Regarding areas such as cross-border payments, remittances, account openings, and shopping, the guideline specifies scenarios where data export is exempt from security assessments for outbound data transfers, where personal information export standard contracts can be signed, or where data export is permitted through personal information protection certification.
For cases where data cross-border compliance obligations cannot be exempted but practical needs require data export, the guideline has categorized over 60 common financial business scenarios.
Financial institutions should adopt effective data security protection efforts and technical measures to safeguard data security, according to the guideline.
Industry experts believe that providing financial institutions with clear regulatory guidance will facilitate safer, more orderly, and efficient cross-border data flow in the financial sector. This will help create a more business-friendly and inclusive environment, further enhancing international competitiveness, as well as influence in rule-making.
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