| | NOVEMBER 20238IN FOCUSEUROPEAN FIRMS SEEK CLEARER DATA TRANSFER LAWS FROM CHINAUAE NON-OIL BUSINESS GROWTH TO CONTINUE IN 2024AEuropean business association emphasizes the necessity for clearer definitions from China concerning crucial terms in its regulations on cross-border data transfer. The European Chamber of Commerce in China has highlighted the necessity for Chinese authorities to offer explicit explanations for both 'important data' and 'personal information' as outlined in their regulations. Additionally, the Chamber has urged swift finalization of proposed relaxations in certain regulatory aspects, initially announced in September. This action aims to prevent European firms from expending significant amounts of money storing non-sensitive data in China and to provide clarity and certainty for businesses operating within these regulatory frameworks.In recent years, China, the world's second-largest economy, has enforced stricter data regulations following President Xi Jinping's increased emphasis on national security. The lack of clarity in these regulations has raised concerns among foreign firms, who fear potential complications. According to a report by the European Chamber of Commerce in China, the ambiguous nature of laws, guidelines, and measures poses significant challenges for European companies operating within China. The report highlighted that certain requirements, such as "regulatory security assessment thresholds", were deemed inadequate, particularly for larger multinational corporations. Foreign investors in China have become more apprehensive over the past year due to corporate raids, primarily targeting consultancies and due diligence firms.The findings of the chamber's report align with recent remarks from a European Commission official made in September, expressing European businesses' specific concerns about the lack of clarity in China's data laws. In that same month, China announced its contemplation of exempting data export security assessments for activities like international trade, academic collaborations, cross-border manufacturing, and marketing that don't involve personal information or important data. This move was positively received by foreign business associations and legal practitioners. The chamber noted that the draft release signaled the Chinese government's attentiveness to business concerns and readiness to take corrective actions. Companies eagerly await these positive signals to be translated into practical measures.Organisation o f Petroleum Exporting Countries (OPEC), the United Arab Emirates' non-oil economy has demonstrated strong growth and is predicted to continue growing strongly until 2024. The Organisation expected the increasing trend in non-oil activities to sustain additional expansion for the upcoming year, according to its November 2023 OPEC Monthly Oil Market.The expansionary pattern of the previous several years was confirmed by the October Purchasing Managers Index (PMI), which rose to 57.7 from 56.7 in September. Additionally, as new orders reached their highest point since June 2019, it signified the strongest expansion in the nation's non-oil private sector since June.The tourist industry, which contributes roughly 16 percent of the GDP, has been performing admirably. In the last year, the number of visitors to Dubai has increased by 19 percent to 8.5 million. The research also stated that growth prospects for the UAE's non-oil GDP may continue to pick up steam, helped by rising corporate confidence, legislative changes, and rising household expenditure.
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