China’s New Data Security Law gets Tech Heavyweights Nervous
It has been a long day, and finally, China ensures it has the upper hand on large enterprises operating within the territory of the People's Republic of China. China's new data security law, w.e.f September 1, 2021, gives President Xi Jinping the power to shut down Chinese tech giants such as Alibaba Group Holding Ltd. and Tencent Holdings Ltd. If President Xi Jinping so wills can access the vast repository of data at the disposal of the two multinational technology companies.
According to China's new data security law, businesses misusing "core state data," may expect a suspension of operations, revoking business licenses, and a penalty of up to 10 million yuan ($1.56 million). In addition, China's new data security law ensures that businesses do not transmit sensitive data abroad without...