China's Rule of Law Trend for 2021 - week 28 PCL

Title: China's Rule of Law Trend for 2021
Website: https://www.pascalcoppens.com/

CONTENT
In this video I describe how China will put many new laws in place in 2021 which should bring the country closer to the 'rule of law' societies we know in the West. There are new financial regulations, new industry compliance laws, new cybersecurity law, new anti-monopoly law, new I.P. law, new civil law. So lots of new regulations which will make the debate about China not playing fair against foreign entities a lot less of a debate in future.

One law that I did not mention as it is very recent is a new defence/military law. You can find some info here: https://www.scmp.com/news/china/military/article/3115988/chinas-military-takes-charge-war-powers-new-defence-law

TRANSCRIPT
There is something that is what we call the 'rule of law' that is starting  to take shape in China. If we say 'rule of law', a lot of people say: China has no rule of law.
It would be a mistake to believe that China has no legislation and no
power to create a difference from a legal point of view.
There's lot of things happening; and I call this the 'good police'. Maybe a strange term but this is really how China is trying to change its society internal by creating more regulations and laws.
We've seen in 2020 this happening with for example Ant Financial, which was blocked to do their IPO just two days before going public. This had everything to do with protecting consumers. China was worried that with these loans, P2P loans, that Ant Financial was not
abiding to the regulations that the banks had. The banks had different regulations than Ant.
Ant Financial said: Yes, but we're a technology company of course we have different regulations, because we see the world differently. Well, Beijing said NO.
It means that Ant now has to adapt to the regulation, not the regulation to Ant.
That is the new story of China today; it's all about creating a lot of regulations
to make sure that it's more fair play for all the parties involved within one industry.
It's not just about finance; but finance is an important one. It's about every possible industry.
Specifically, the food industry is very critical, because China wants high quality of food, they don't want to have problems with food quality because that we saw what happened with that in 2020.
The healthcare industry, farma industry; all these industry regulations are
becoming a lot more strict; think about clean tech and environment. So lots of factories in China, whether Chinese or Western, they have to abide now to the same regulation which are stricter and stricter
It's becoming a little bit similar to Europe - something we're not used to about China
Because we often felt that this was a unfair advantage that the Chinese companies had
against Western companies. That playing field is levelling out now in 2021.
A lot of regulations, a lot of laws are just coming up in the next months.
One of the biggest laws that will be active in beginning of this year is the cyber security law;
it used to be a regulation since 2018, for two years already, but now it's going to become a real law; this means that tech companies or any company using data,
specifically in the healthcare industry or insurance industry, they will have to
take care of the data and make sure that data is protected, well managed, and is not shared, and is owned by the people, not by the companies. So, this will be changing completely our perception
on how Chinese are going to deal with data. This cyber security law is very
similar to GDPR. Saying that China has an advantage because they don't care about privacy
is something of the past. Today we're getting to the same level playing field as China when
it comes to privacy so that is also something we will have to get used to.
The other is the anti-monopoly law. As you can see lots of laws. The anti-trust law just like in the U.S. In China the same debate is happening. Big difference is that it's not so much about breaking up these (big tech) companies, it's more about making sure that these companies don't use their power to limit any other company
to succeed.
In China this happens on a daily basis; most tech companies Alibaba, Tencent, Meituan,
Bytedance - with tiktok, all of these companies are not playing fair towards their competitors. They are blocking out consumers (and partners) to be on other platforms
This will go away and this will help specifically entrepreneurs and scale-ups to grow faster.

KEYWORDS
Pascal Coppens, China, innovation, trends, keynote, speaker, public speaker, China laws, regulations, civil law, IP law, anti-monopoly law, antri-trust law, cybersecurity law, Ant Financial

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Видео China's Rule of Law Trend for 2021 - week 28 PCL канала Pascal Coppens