Challenges: Leaks of data and cyberattacks

instance, has offered enterprises cloud-based technology and products on its industrial internet platform since 2015. Earlier data showed that its platform had attracted almost 800,000 registered enterprises, including more than 3,000 foreign companies.

Digital economy has brought in its wake not just huge opportunities but humongous challenges and potential risks as well.

“In recent years, underhand data transactions have been rampant. An array of problems including data leakage, cyber-attacks and safety leaks such as Meltdown and Spectre have occurred, which have brought new challenges,” said Zhang Wang, deputy director of the CAC, also known as the Cyberspace Administration of China.

Faced with such challenges, the country is expected to accelerate steps toward legislation for promotion and regulation of digital economy, to create a fair, orderly, innovative and fair market environment, Zhang said.

He noted that China should strengthen information safety on key infrastructure, personal data privacy and intellectual property. Accelerated efforts are also needed to introduce related policies on data commercialization and standards on internet technologies.

“In the future, we need to insist on opening-up to bolster cooperation and promote globalization of our enterprises in the information and communications technology (or ICT) sector,” Zhang said.