China has announced plans to strengthen its “cybersecurity barrier” and solidify control over its cyberspace, despite concerns over potential impacts on foreign tech investments. President Xi Jinping has called for the building of a loyal IT sector team and stressed the need for coordination between internet development and cybersecurity. He also emphasized the need to govern cyberspace, run websites and apps, and conduct online activities according to the law.
The Chinese Communist Party has consolidated public opinion in cyberspace, established a comprehensive internet governance system, and accelerated efforts to build self-reliance and strength in internet and information technology. The government introduced a revamped Counter-Espionage Law on July 1 to protect state secrets and materials related to national security from cyberattacks.
The new law gives Chinese authorities, including the armed forces, broad powers to investigate and seize the property of companies doing business in China. It also allows the government to take legal action against foreign institutions suspected of espionage activities. Despite these measures, the government is attempting to attract foreign investors by positioning China as a lucrative base for overseas businesses. However, the U.S. Chamber of Commerce has warned that the revised law has increased risk and uncertainty in the market.
Source: BankInfoSecurity
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