(Reuters) — China’s Ministry of Industry and Information Technology said on Monday it has issued a draft three-year action plan to develop the country’s cybersecurity industry, estimating the sector may be worth more than 250 billion yuan ($38.6 billion) by 2023.
The draft comes as Chinese authorities step up efforts to draft regulations to better govern data storage, data transfer and personal data privacy.
Over the weekend, the Cyberspace Administration of China proposed draft rules calling for all data-rich tech companies with over 1 million users to undergo security reviews before listing overseas.
That regulation came in the wake of a regulatory probe of Chinese ride-hailing giant Didi Chuxing for allegedly violating data privacy laws.
Fitch Ratings (Hong Kong) Ltd. expects a steady shift in Chinese insurers’ distribution model from a traditional intermediary approach to digital platforms and more active partnerships with third-party internet platforms, including e-commerce, Asia Insurance Review reported. Fitch expects upfront investments in technology to undermine insurers’ performance in the near term regardless of the favorable growth prospects of digital insurance.