China Reaches Out To Foreign Firms To Allay Data Law Fears: Report
Portfolio Pulse from Shivani Kumaresan
China's internet regulator is reaching out to foreign companies, including Walmart and PayPal, to ease concerns about its new data law regulations. The new rules give the Chinese government the power to fine or shut down companies that mishandle sensitive data. This has led to operational changes in foreign companies, with Morgan Stanley reportedly moving about 200 of its tech developers out of mainland China.
August 17, 2023 | 3:51 pm
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Morgan Stanley has reportedly moved about 200 of its tech developers out of mainland China due to the new data laws.
The relocation of tech developers indicates that Morgan Stanley is already feeling the impact of the new data laws, which could negatively affect its stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
PayPal has been contacted by China's internet regulator about new data laws, which could impact its operations in the country.
The new data laws in China could potentially disrupt PayPal's operations in the country, leading to a negative impact on its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Walmart has been contacted by China's internet regulator about new data laws, which could impact its operations in the country.
The new data laws in China could potentially disrupt Walmart's operations in the country, leading to a negative impact on its stock.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80