The Impact Of Global Cross-border Data Flow Legislation On China’s Internet Financial Enterprises’ Going Global

Global cyberspace has been formed,and data has become an important resource.Now it has entered the era of digital economy in which the Internet and the real society are highly integrated.The development of digital economy is unbalanced,and there are huge differences in the development of digital economy in different countries and regions.In addition to the United States and China,the EU,Russia and other important economies in the world are still in the early stage of digital economy development,and the overseas digital economy has a broad market.China attaches great importance to the development of digital economy.General Secretary Xi Jinping has repeatedly stressed the importance of building a digital economy based on data.Compared with any other time in the past,enterprises and countries should not ignore opportunities outside China.The Internet users in China have become saturated,and going global is the inevitable choice for Internet enterprises in China.Data is the key to the development of digital economy,and the competition and restriction of data have been launched in the global scope.The United States is the world leader in economy and military,and also in the field of digital economy.Therefore,the United States advocates the free flow of cross-border data and promotes it to other countries.The EU has a huge economy,but the digital economy industry lags behind.For the sake of data security and market share,the EU has formulated strict data protection laws.China’s Internet industry as a whole is large but not strong.China’s digital economy industry is weaker than that of the United States,but significantly stronger than that of other countries.More than half of the countries and regions in the world have enacted data protection laws,but China started late in this respect.At present,China has no personal data protection law and rarely participates in bilateral and multilateral agreements involving cross-border data flow.In this context,Chinese Internet enterprises will face compliance costs,legal risks and other issues when they go global.Therefore,it is necessary to study the impact of global cross-border data flow legislation on the going out of China’s Internet financial enterprises.The main research methods of this paper include literature research,comparative research and cross domain research.The relevant literature,as well as the cross-border data flow legislation and relevant bilateral and multilateral agreements of major countries and regions in the world were reviewed.The first chapter combs the definition and classification of cross-border data.There is no uniform definition and classification method for cross-border data.The second chapter lists the relevant regulations of the data protection legislation of the main countries and regions,the relevant provisions of the bilateral and multilateral agreements.Then compares and analyzes the key contents of the laws,regulations and agreements,and summarizes the legislative purpose and the value orientation behind.After analyzing and summarizing,the conclusion is that data protection legislation can be divided into three directions as a whole: data security,economic development and comprehensive legislation,each of which has its own advantages and disadvantages.Agreement is an important way for digital economy powers to export their own legislation and economic development orientation,and China should actively participate in it.The third chapter analyzes the behaviors between multinational enterprises and host countries and the possible actions.Chapter four,based on relevant laws,regulations and agreements,combined with the current situation and characteristics of Internet Finance in China,studies the impact of cross-border data flow legislation on the going out of China’s Internet finance enterprises,mainly including compliance issues,data security and economic utility balance.Finally,policy recommendations,on the basis of the previous article,combined with the international status of China’s digital economy and other factors,give suggestions to our government,legislative bodies and Internet financial enterprises.