European business group protests against cybersecurity rules that ‘penalise’ foreign firms in China
Chamber of commerce joins other overseas business associations on the mainland in signing letter calling for draft rules governing the insurance sector to be extensively revised
The European Union Chamber of Commerce in China has joined other overseas business associations in signing an open letter calling for changes to Chinese regulations overseeing the insurance industry, which they say unfairly penalise foreign firms.
The move comes ahead of ministerial-level talks next week in Beijing during the eighth China-US Strategic and Economic Dialogue, in which trade and business issues are likely to be high on the agenda.
The government says the draft measures are to improve cybersecurity and include stipulations that insurance firms should store data within China and prioritise buying “secure and controllable” products, including Chinese encryption technologies, hardware and software.
Foreign business groups says the measures are excessive and will make it harder for overseas firms to compete with Chinese insurance companies and technology providers on the mainland.
The letter comes amid rising discontent among foreign companies operating in China over the hurdles they face in doing business, including restricted market access, unclear regulations and government controls over the internet.
