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China may miss out on $5.5 trillion in growth if it doesn’t take data privacy more seriously

When Porter wrote about the Competitive Advantage of Nations, GDPR et al weren’t even a twinkle in the eye of regulators. There’s good reason for nations and organisations to take privacy seriously…:

If China doesn’t step up its efforts on issues such as data privacy and intellectual property protection, the country could lose out on a 37 trillion yuan ($5.5 trillion) growth opportunity in the decade ahead, according to new analysis.

Based on research from economics consulting firm AlphaBeta, the report published Thursday by the nonprofit Hinrich Foundation found that China’s 2017 flows of digital data contributed 3.2 trillion yuan of value to the domestic economy, and 1.6 trillion overseas. By 2030, the analysts expect growth in such digital trade, especially in the consumer and retail business, to contribute 37 trillion yuan to China’s economy.

That would be about one-fifth of Beijing’s projected gross domestic product, the report noted.

“That estimate relies on free cross-border data flows for those opportunities,” Konstantin Matthies, engagement manager at AlphaBeta, told CNBC on Thursday. “If you put in place things that will impede that, that number is going to shrink.”

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Original article here

Peter Glock
Over 30 years of designing, building and managing telecoms and IT services. Primarily working with large enterprise and professional services businesses in Asia, North America, continental Europe and the UK. Information security professional, secret physics nerd.
https://brownglock.com

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