The Chinese government plans to foster and develop more than 250 billion yuan in the cybersecurity industry market by 2023 in response to strong pressure from the U.S. and other international communities, according to the report on the 12th.
According to media outlets, China’s Ministry of Industrial Information announced a three-year action plan (2021-2023).
Chinese authorities are also rushing to enact regulations to improve data retention, transfer and protection of personal information.
The action plan plans to grow the cybersecurity industry by more than 15% annually for three years and will increase investment until it reaches 10% of all information service investments in cyber security in major industries such as telecommunications.
The action plan also suggested that key technologies that are important for Internet network security will reach advanced levels, speed up innovation work that combines emerging technologies and cybersecurity, and further strengthen cybersecurity products and service reform capabilities.
How about The Small and Mediun-Sized Company?
The company, which has the ability to lead the Internet safety ecosystem with clear quality brands and management efficiency advantages. It also announced that it will allow small and medium-sized companies with new tracks such as vehicle Internet, industrial Internet of Things (IoT), logistics network, and smart city to grow rapidly.
Earlier on the 10th, China’s National Internet Information Office made it mandatory for companies that hold data from more than 1 million users to undergo screening under the National Security Award before listing overseas.
The Chinese government launched an investigation into Didi Chuxing, a car-sharing service listed on the New York Stock Exchange in late June, citing suspicions of violating data protection rules, while suspending access and downloads of related apps.
Based on the National Security Act and the Internet Security Act, it announced on the 5th that it will conduct Internet security screening for truck-sharing services Winmanman, Huo Prescription, and job site BOSS Zfin to prevent national data security risks, protect national security, and guarantee public interests.
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