China tightens oversight of personal data collection as privacy concerns mount
Amid growing concern in China over the use and abuse of personal data, the People’s Bank of China (PBOC) proposed new regulations to tighten oversight of businesses that collect personal and corporate credit information, vowing to improve data privacy protection as demand for such services surges.
A draft of the rules (link in Chinese) published Monday builds on a decision by the State Council at a Nov. 25 meeting (link in Chinese) to encourage the credit reporting system and crack down on malpractice as part of a broader policy to promote the development of the system. The draft will be open for public feedback until Feb. 10.
The new regulations, which have been in the works since 2016, are aimed at improving the transparency of credit reporting and protecting the legal rights of individuals and companies, the PBOC said in an explanation accompanying the publication of the draft.
Source: Caixin Global