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Search resuls for: "Central Cyberspace Affairs Commission"


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China's biggest social media platforms launched a synchronized crackdown on parading wealth last week, removing thousands of posts and punishing dozens of influencers for promoting "bad values." Showing luxury services or goods to exaggerate how one can earn "millions in a month," achieve financial independence or start a lucrative business from scratch. Xu claimed that the barred influencers grew their fame by "showing off their wealth" and, in turn, became rich by selling products on livestreams. AdvertisementMore recently, common prosperity has evolved into a crackdown on "excessive wealth," with the central government stepping up regulations on private industry giants and wealthy families. Beijing seems to have toned down its rhetoric of common prosperity as its economy struggled in the post-COVID era.
Persons: , Xu Qiuying, Xu, Xi Jinping, laud Organizations: Service, Business, Twitter, Weibo, Beijing, Central Cyberspace Affairs Commission, China's Locations: China, Weibo, Xiaohongshu, Beijing
China to set up new financial regulator in sweeping reform
  + stars: | 2023-03-07 | by ( ) www.reuters.com   time to read: +6 min
The new financial regulator will replace the China Banking and Insurance Regulatory Commission (CBIRC) and bring supervision of the industry, excluding the securities sector, into a body directly under the State Council, or cabinet. The proposal for setting up the new regulator, the National Financial Regulatory Administration, was presented to China's parliament during its annual meeting on Tuesday. China's financial sector is overseen by the People's Bank of China (PBOC), the CBIRC, and the China Securities Regulatory Commission (CSRC), with the cabinet's Financial Stability and Development Committee having overall responsibility. The setting up of the new financial regulatory body comes as Beijing seeks to rein in large corporate and financial institutions that may bring systemic risks via regulatory arbitrage among multiple authorities. 'STRENGTHEN SUPERVISION'The new administration will "strengthen institutional supervision, supervision of behaviours and supervision of functions", according to the plan.
China to form a national bureau to manage its troves of data
  + stars: | 2023-03-07 | by ( ) www.reuters.com   time to read: +2 min
SHANGHAI, March 7 (Reuters) - China will form a national data bureau that will be responsible for coordinating the sharing and development of the country's data resources, according to a plan submitted on Tuesday to parliament. The proposed bureau will be administrated by the state planning agency, the National Development and Reform Commission (NDRC), the plan said. This has included issuing a series of new laws that require organisations with large user bases undergo assessments and obtain approvals when handling data. Some firms are struggling with a deadline requiring them to seek approval to export user data. "Multinationals will no doubt want to understand how a centralised data regulator will interface with overseas stakeholders."
Hong Kong CNN Business —Internet users in China will soon be held liable for liking posts deemed illegal or harmful, sparking fears that the world’s second largest economy plans to control social media like never before. China’s internet watchdog is stepping up its regulation of cyberspace as authorities intensify their crackdown on online dissent amid growing public anger against the country’s stringent Covid restrictions. For the first time, it states that “likes” of public posts must be regulated, along with other types of comments. This year, the country’s strict zero-Covid policy and Xi’s securing of a historic third term have sparked discontent and anger among many online users. “Cyberspace policing by Chinese authorities is already beyond measure, but that does not stop brave Chinese citizens from challenging the regime,” he said.
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