Shenzhen to Pilot Chief Data Officer System
According to a notice released on its official website on August 11th, Shenzhen municipal government, governments of Futian District, Nanshan District, Baoan District, Pingshan Districts, and eight city-level bureaus (including the public security bureau and human resources bureau) will participate in the pilot to set up chief data officer (CDO) in their agencies.
The main responsibility of CDO is to promote the construction of a smart city and digital government, improve data standardization management and data integration, innovation, and application, implement regular guidance and supervision, and contribute to building data talent teams.
In June 2021, Shenzhen passed Data Regulation in Shenzhen Special Economic Zone, the first integrated data legislation in China, clarifying the scope and type of data-related rights and interests, strengthening protection of personal data, building a system of data management, and providing the legal foundation for chief data officer system. (Source: Shenzhen Government Online)
Guangdong Launches Blockchain-based Tax Rebate Service
Early this month, the first blockchain-based export certificate was issued in Foshan, Guangdong Province.
As one of the pilot regions of the blockchain-based export tax rebate service in China, Guangdong Provincial Taxation Bureau has been committed to taking advantage of the accuracy and reliability of the blockchain technology to improve the efficiency of tax rebates.
At the initial stage, the innovative technology will be mainly used in the issuance of two certifications, namely “Agent Export Goods Certificate” and “Entrusted Export Goods Certificate”. (Source: ChinaNews.com)
Beijing Financial Court to Strengthen the Protection of New Equity Such as Legal Digital Currency and Data
On August 10th, the Beijing Financial Court issued several initiatives to provide justice and support in the field of financial reform and innovation for the construction of the Beijing Pilot Free Trade Zone and the national comprehensive demonstration zone for expanding opening-up in the service sector.
According to the document, the court suggests strengthening the protection of new equity such as legal digital currency, virtual property, and data. (Source: Beijing Financial Court)
The CBIRC Launches Rectification Towards Malfeasances in the Online Insurance Industry
In recent years, the development of online insurance has entered the fast lane. At the same, malfeasances, such as misleading sales, inflated fees, and illegal usage of user information, have proliferated. The
CBIRC has recently issued a notice concerning rectification for such wrongdoings in the emerging industry, requiring that all insurance institutions conduct investigations on their online insurance business since 2020, finding out the irregularities and rectify the problems. (Source: Xinhua.net)
The above is a weekly synopsis of the biggest stories on Fintech in China provided by WeiyangX, part of Tsinghua University, in partnership with Crowdfund Insider.
WeiyangX is the most influential website focusing on Fintech in China. The site covers the latest news, industry data analysis, business practices, and in-depth cases in Fintech. WeiyangX is incubated by Fintech Lab. Founded by Tsinghua University’s People’s Bank of China (PBC) School of Finance in 2012, the Fintech Lab is the first and leading research entity dedicated to leading best practices, promoting interdisciplinary innovation, and encouraging entrepreneurship in the field of fintech through scientific research and innovative project incubation.
