The Dilemma Of The Regulation Of Cross-border Flow Of Personal Financial Data And China’s Response Strategy

Personal financial data is the application of personal data in the financial field,which not only has significant financial value,but also has the characteristics of high sensitivity and portability.From the perspective of both the real demand and potential risks of the cross-border flow of personal financial data,on the one hand,with the internationalization of financial market and data-based financial business,the orderly promotion of crossborder flow of personal financial data has become an important engine for the digital transformation of China’s financial industry,and on the other hand,the regulation of the cross-border flow of personal financial data is necessary to prevent data leakage and safeguard national security and individual interests.The cross-border flow of personal financial data should comply with the general provisions of Cybersecurity Law,Data Security Law,Personal Information Protection Law and other regulations on the cross-border flow of important data and personal data,as well as the general provisions of the financial regulatory authorities to maintain financial security and financial order.A comprehensive review of the current regulatory status of the cross-border flow of personal financial data shows that the problems of regulatory overlap and competing regulation are prominent,the exceptions allowing the cross-border flow of personal financial data are unclear,and the differentiated regulation for different personal financial data has not been implemented.These problems will not only bring obstacles to China’s financial industry to explore the value of personal financial data further and release the financial data dividend but also may affect China’s right to speak in the international financial data cross-border rule-making.In this regard,it is necessary to improve further the regulatory model of the crossborder flow of personal financial data in China.At the right time,when China’s financial regulators are reformed,the advantages of coordinated regulation with the participation of multiple entities should be given full play based on strengthening centralized and unified regulation.In the implementation of the regulation of the cross-border flow of personal financial data,the conditions for allowing the cross-border flow of personal financial data should be further clarified in the legislation,and the classification of personal financial data should be linked with the cross-border security assessment of data to improve the flexibility and operability of the regulation of the cross-border flow of personal financial data in China.Meanwhile,regarding international cooperation,China should take the Global Data Security Initiative as the basis and cooperate with other countries to explore diversified regulatory schemes for the cross-border flow of personal financial data.