China is following the European Union’s GDPR in trying to regulate the unruly data industry, says Winston Ma, Winston Ma, adjunct professor at the New York University School of Law at CNBC. China’s internet companies based for years their business models on consumers’ lack of awareness of privacy, he adds, but those days are over.
Alibaba and Tencent were high-profile casualties as the central government stepped in to regulate free-wheeling tech firms with growing financial clout. To the relief of consumers and smaller competitors, exponential growth in the tech industry is over, tells Winston Ma, former managing director of the sovereign wealth firm China Investment Corporation (CIC) in New York to Reuters.
In a remarkable candid comment, director Gao Fu, the director of the Chinese Centers for Disease Control and Prevention, admitted on Saturday the fairly low efficiency of one of the larger Chinese vaccines Sinovac Biotech, even lower than 50%, according to Reuters. Even before that, leading expert Zhang Wenhong estimated China could only open up to international travel by the Spring of 2022.
When US President Donald Trump lost last year the presidential elections from his contestant Joe Biden, some people expected the trade war between China and the US would end. At the China Speakers Bureau, we had set up a category of expert speakers on the trade war. For a short moment, we contemplated retiring that section but decided to wait and see how Joe Biden would behave.
China is moving fast on setting up legislation on the development of autonomous driving cars in China, in tandem with the fast technological and commercial developments, writes China-lawyer Mark Schaub in the China Law Insight. These detailed regulations will have a significant and positive impact on the industry, he adds.
For the international speakers’ business, international travel is key. And while some countries are at last moving forward in their vaccine programs, China expects to have covered a substantial part of its population only in the Spring of 2022, says Zhang Wenhong, one of the countries leading experts. Resuming international travel could only restart after that, writes the Business Travel this week.
The major economies in the G-7 need more investments in R&D and collaboration in science and technology to compete with China, says former US assistant trade representative Harry Broadman at CNBC. “We’ve done really well among democratic countries collaborating on investment and trade, but we’ve done an extraordinarily poor job in R&D,” he said.