China: Closed consultation on Beijing Foreign Investment Regulations Draft including cross-border data transfer regulation

On 19 October 2023, the Beijing Municipal Commerce Bureau closed its consultation on the "Beijing Foreign Investment Regulations" draft. In particular, the draft proposes the introduction of several measures to promote and regulate foreign investments in Beijing, including the evaluation of data exports from foreign-invested companies for security purposes, certification for safeguarding personal information, and the submission of standardised contracts for exporting personal data. Moreover, Beijing intends to conduct security assessments for critical data and the export of personal information, while also creating a catalogue of common data that can circulate freely. Finally, the Regulations would allow free inward and outward remittances of foreign investors' actual and authorised capital transfers related to investments.