FISM News Brief
Dan Celia, President and CEO of FISM
China’s new law which will go into affect on November 1 will mean that all data generated in China must stay in China. Maybe America should do the same, at least to China and those friends of China.
Beijing believes that these tech restrictions will keep a strong hold on social control and suppress political dissent without dampening the entrepreneurial spirit or innovation that could help the world’s fastest-growing large economy. The problem with their thought process is that Communist China has no entrepreneurial vigor or innovation without stealing their platform from others and using it as their own innovative foundation. They should be careful of who they shut out or they may block the very people they steal from.
China is not hiding the desire for digital dictatorship of the world. Chinese Communist Dictator Xi Jinping said, “Whoever controls data has the upper hand.” A year later he said that control of information has become an important aspect of the country’s “soft power and competitiveness.” The official classification of data in 2020 as a “fifth factor of production”, alongside labor, land, capital and technology, further revealed its importance to Beijing.
Information for this article taken from the Financial Times.