{"id":1724,"date":"2021-11-03T15:25:46","date_gmt":"2021-11-03T15:25:46","guid":{"rendered":"https:\/\/cisobyte.com\/?p=1724"},"modified":"2021-11-03T15:27:16","modified_gmt":"2021-11-03T15:27:16","slug":"data-and-privacy-regulations-may-redistribute-capital-to-the-people-of-china-but-they-further-centralize-control-of-wealth-data-and-power-in-xis-communist-party","status":"publish","type":"post","link":"https:\/\/cisobyte.com\/index.php\/2021\/11\/03\/data-and-privacy-regulations-may-redistribute-capital-to-the-people-of-china-but-they-further-centralize-control-of-wealth-data-and-power-in-xis-communist-party\/","title":{"rendered":"Data and privacy regulations may redistribute capital to the people of China, but they further centralize control of wealth, data, and power in Xi’s communist party."},"content":{"rendered":"

CISObyte\u00a0 \u00a0 11-3-2021<\/strong><\/h4>\n

\u00a0<\/p>\n

Monopoly concerns, or handpicking who gets the profits?<\/h4>\n

“Common prosperity is the prosperity of all the people, the material and spiritual life of the people being rich,” Xi wrote in an article published last month by a Communist Party journal, invoking a historically significant phrase that dates back to the time of Chairman Mao Zedong. “It is not the prosperity of a few people.”

“Alibaba (BABA), meanwhile, was hit earlier this year with a record $2.8 billion fine for behaving like a monopoly.”<\/h2>\n

“Xi appears undeterred. To him, reining in private enterprise is the solution to fixing longstanding concerns about consumer rights, data privacy, excess debt and economic inequality.”<\/h2>\n

“It cannot go unnoticed that the industries and sectors that came under fire are all part of the modern tech economy, controlling vast amounts of individual level data… [data that] is an invaluable resource for any government wishing to control all walks of life.”<\/h2>\n

Be wary who you give your data to. Read the privacy policy, only provide data necessary for the function. Don’t do business with companies that collect excess data, don’t handle it with due care or who sell it for profit.<\/p>\n

Be especially wary when that company is foreign and may not be subject to, or may simply not obey, the same privacy laws, or lack thereof, as those at home. Doubly so when a foreign government may confiscate your data without recourse.\u00a0<\/p>\n