The Hinrich Foundation, an organization for international economic affairs, has published excerpts from AlphaBeta's analytical report on threats to China's economy until 2030. It is predicted that in the next 10 years, retail and other trade in the consumer segment, including the Internet, can bring the country about $5,5 trillion (37 trillion yuan). This is about one-fifth of China's expected gross domestic product over the next decade. The figure is simply colossal, but given the population of China, it is quite achievable. If not for one but. If China does not pay attention to strengthening the protection of personal data and continues to condone the theft of intellectual property, then it risks losing a significant part of its projected revenues.
Analysts believe that the shutdown of the Internet in China, including the blocking of The New York Times, Facebook, Twitter and YouTube, as well as the restriction of Google search, will hinder the expansion of online commerce and business with overseas sites and customers. In addition, China is fond of protectionism, which leads to limiting the business of foreign companies in the country. There are also questions about local legislation in the field of intellectual property protection, which can scare away foreign investors and reduce the level of confidence in working in China.
Concerns about personal data leaks in China can be allayed if China begins to implement certified mechanisms and rules approved by the international community. In particular, such mechanisms are provided within the framework of APEC (Asia-Pacific Economic Cooperation) and ISO (International Organization for Standardization). Analysts admit that the Chinese authorities are doing a lot in this direction, but the efforts made by Beijing are considered insufficient.
Source: 3dnews.ru