China has passed a new law that tightens restrictions on how companies can harness and use people’s personal data, as the government continues to rein in the market power of big tech.
The country’s legislature, the National People’s Congress, on Friday approved the Personal Information Protection Law, according to the official Xinhua News Agency. The law becomes effective Nov. 1.
The full version of the law hasn’t been released, but Xinhua said companies should obtain consent from users before collecting personal data such as financial accounts or health conditions, or provide ways for them to opt out.
The law follows months of intense regulatory scrutiny over the country’s technology giants such as e-commerce behemoth Alibaba, food-delivery company Meituan as well as gaming and social media giant Tencent, which have seen their share prices tumble amid mounting government pressure.
China is reversing years of laisse-faire approach and rapidly stepping up regulation in areas ranging from anti-trust to data protection.
Earlier this week, regulators at the State Administration for Market Regulation issued draft rules seeking to ban unfair market practices such as er xuan yi, or forcing merchants to sell exclusively on a single platform. The country’s cabinet, the State Council, released a policy blueprint earlier this month and said the government would work on new laws in sectors including artificial intelligence, big data and cloud computing.
Some companies have vowed to be compliant. In a Wednesday analyst call, Tencent’s billionaire President Martin Lau predicted that more regulations would be coming, and said the company would embrace the new environment fully. Alibaba Chief Executive Daniel Zhang has endorsed the government’s policies, and voiced support for Beijing’s anti-trust campaign, after the company had to swallow a record $2.8 billion fine for monopolistic practices in April.
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China Passes Personal Data Law In Continued Squeeze On Big Tech - Forbes
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