Jack Lew, US Treasury secretary, called on Beijing to suspend new cyber security rules that US information technology companies fear could lock them out of a financial services market worth almost half a trillion dollars.
Over recent months, China’s banking regulator and the Ministry of Industry and Information Technology (MIIT) have begun to implement new regulations that would force commercial banks to buy IT equipment deemed “secure and controllable” by Beijing.
A separate draft counter-terrorism law would also force telecom and internet companies to provide authorities access to sensitive information such as source codes.
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