China Plans to Accelerate Cross-border Data Transfersby Implementing Trial Rules in Shanghai Pilot Free Trade Zone
"...cooperation with the Digital Economy Partnership Agreement (“DEPA”) countries in the field of digital trade, actively establishing the Lingang Special Area as a model site of DEPA cooperation[4], and promoting the implementation of new rules such as “paperless trade."
China is in process of Accelerating Cross-Border Data Transfers through Implementing trial rules in the Shanghai pilot free trade zone.
The transfer of personal data to another country requires the testing of protection laws through controllers to fulfill the needed requirements when transferring personal data across borders.
These new data rules are being tested on the Shanghai Exchange and accelerated to test and implement these new digital monetary policies.
The Shanghai Exchange incorporates much of Asia and the Middle East in trade going across borders from the East to the West.
This test pilot will allow China the ability to comply with the new Digital Asset-Based Trading System data requirements enabling trade on a global scale to move forward.
The Chinese Yuan is utilized on the Shanghai Exchange, and they have already told us they are considering a gold-backed Chinese Yuan to lead the way in trade among the Nations they trade with going forward.
The Shanghai Exchange is the third largest market exchange in the world. It has a market cap of nearly 7 trillion dollars in assets. A Golden Yuan that trades with markets around the world through the Shanghai Exchange will significantly change monetary policies around the world to keep pace with these new developments.
And, we must not forget that the Shanghai-Hong Kong Stock connection will enable their new pilot program on stablecoins to play an important part of the global payment systems around the world to function freely on the Shanghai Exchange that connects to the rest of the global economy.
All roads lead to gold, and "digital gold" will set us free.
© Goldilocks
Hunton Privacy Blog
Practical Law
Statista
FDI China
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