China issues draft for cyber-security industry development

A China yuan banknote featuring late Chinese chairman Mao Zedong and a computer keyboard are seen reflected on an image of Chinese flag in this illustration picture.

China’s Ministry of Industry and Information Technology said on Monday it has issued a draft three-year action plan to develop the country’s cyber-security industry, estimating the sector may be worth more than 250 billion yuan (an equivalent of $38.6 billion) by 2023.

The draft comes as Chinese authorities step up efforts to draft regulations to better govern data storage, data transfer, and personal data privacy.

Over the weekend, the Cyberspace Administration of China proposed draft rules calling for all data-rich tech companies with over 1 million users to undergo security reviews before listing overseas.

That regulation came in the wake of a regulatory probe of Chinese ride-hailing giant Didi Chuxing for allegedly violating data privacy laws.

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