The head of the Chinese central bank has stressed the need for further improvements to the regulation and usage of data following the launch of new personal information laws in China.
Yi Gang (易纲), governor of the People’s Bank of China (PBOC), said China’s recent implementation of the “Personal Information Protection Law” (个人信息保护法) at the start of November marked only the start of efforts by Chinese authorities to better regulate individual data.
“At present, China’s legal system for the protection of personal information has already achieved initial establishment, and government authorities will lawfully implement fair regulation,” said Yi on 3 November during a speech delivered for 2021 Hong Kong Fintech Week.
Yi said that personal information regulation laid the foundations for more effective use of data by fintech players in future.
“The final goal of personal information protection is to expedite the rational usage of data,” said Yi. “Under the precondition of fully protecting personal information, we will explore the implementation of more precise data confirmation rights, faster data transactions and more rational usage of data, to stimulate the vitality of market actors and their tech innovation capabilities.”
The PBOC governor also highlighted the need for strengthening international cooperation in the area of personal information protection.
“At present, personal information flows are becoming cross-border, cross-regional and cross-industry following the development of fintech,” said Yi.
“The legislative, judicial and administrative authorities of all countries must strengthen cooperation and regulatory coordination in the areas of anti-trust, data regulation and consumer rights protections.
“Especially in the area of the drafting of international standard for personal information standards, we must join forces and cooperate.”