In order to further open up and accelerate trade in services, Shanghai wants to facilitate the cross-border transfer of financial data as part of a new plan. Financial institutions are now allowed to transfer data abroad that is necessary for their daily operations. In order to promote and regulate cross-border data flow, a data catalog will be established, a safe and convenient legal mechanism for cross-border data flow will be developed, and a cross-border data service center will be set up.
The plan also emphasizes the importance of opening up and sharing data. It proposes to establish an international organization in the Shanghai Free Trade Zone to promote open source and strengthen international cooperation to enhance digital inclusion. The scope and intensity of opening up public data should also be increased. To this end, the Shanghai Data Exchange will be promoted with its core infrastructure for data trading and circulation, including registration, trading and billing platforms. Shanghai aims to promote fair competition by improving a regular supervision system for data handling. Legislation to review competition in Pudong will be promoted, best practices will be publicized and international communication on competition policy will be strengthened. Shanghai believes that these measures will give new impetus to digital trade development in the free trade zone and create further opportunities for the digital industry and digital enterprises.
China Intellectual Property Blog 