By US-China Investment News contributor Balint Csakanyi
An important article published recently in Qiushi, which is the Chinese Communist Party’s leading journal and the topic of the writing is the Party’s ideas about cyberspace. Its effects are already available. For example, VPNs are taking down, and cryptocurrencies are now banned. However, the Chinese government is encouraging the development of their own blockchains and cryptocurrencies. Moreover, they punished Tencent, Alibaba, and Baidu because they had illegal content on their websites. Weibo which is the Chinese version of Twitter also reported that they need at least a thousand civil supervisors and they will reward the best ones with Apple products.
Now, I could write more examples like the Chinese are working on the erase of cash and building a system where you are paying for everything through an application since it’s much easier to control the flow of money in that way. You might even be able to imagine the usage of the face recognition systems in any way. n Qiushi, it is said China wants to become a cyber superpower (网络 强国 wǎngluò qiángguó, which can be interpreted in two ways: one is cyber superpower, and the other is building China into a national power in cyberspace). However, I’m interested about the Internet with Chinese characteristics, which is definitely a reference to Deng Xiaoping’s words. My question is that what affect will this have on the economy? The US is already asking China not to enforce this cybersecurity law in its current form as it may have serious implications on the economy.
Although, in this part, it’s not only about the economy but about foreign policy as well. In here, I’m not going to explain this, since that is a different question. XIX. plenum is approaching soon and this is a perfect opportunity to introduce this new cybersecurity law since, at this time, regulation of the cyberspace is always tighter. The subject of the upcoming IV. World Internet Congress, which the Chinese are pushing for, is the cyber sovereignty.
The most important question is: what kind of impact it will have on the economy? Moreover, will it be enough to change the position of the players? To summarize it will the cyberspace become one of the important territories? To answer them now would be bluntness. However, I’m waiting for the changes with an open mind and sharp eyes.