The Hinrich Foundation, an organization focused on international economic issues, has published excerpts from an analytical report by AlphaBeta regarding threats to China's economy by 2030. It is projected that in the next 10 years, retail and other consumer segment trade, including online sales, could yield around $5.5 trillion (37 trillion yuan) for the country. This amounts to roughly one-fifth of the expected Gross Domestic Product of China over the next decade. The figure is staggering, but given China's population, it is achievable. However, there is one caveat. If China does not prioritize the strengthening of personal data protection and continues to tolerate intellectual property theft, it risks losing a significant portion of the forecasted revenues.
Analysts believe that the closed nature of the Internet in China, including the blocking of The New York Times, Facebook, Twitter, and YouTube, along with Google search restrictions, will hinder the expansion of e-commerce and business with foreign platforms and clients. Additionally, China is engaging in protectionism, which restricts foreign companies' business within the country. Concerns also remain regarding local legislation on intellectual property protection, which could deter foreign investors and reduce trust in operating in China.
Concerns about personal data leaks in China could be alleviated if the country begins to implement certified mechanisms and regulations approved by the international community. Specifically, such mechanisms are outlined under APEC (Asia-Pacific Economic Cooperation) and ISO (International Organization for Standardization). Analysts acknowledge that Chinese authorities are making efforts in this direction, but they consider Beijing's initiatives to be insufficient.
Source: 3dnews.ru
