China's first corporate credit data export approved

QCC Compliance Intelligence, an overseas corporate credit information query platform owned by domestic portal Qichacha, has successfully undergone a data export security assessment conducted by the Cyberspace Administration of China, marking the country's inaugural case of data export compliance in the field of corporate credit information queries, the Global Times learned from Qichacha on Monday.

The international version of Qichacha is poised to be introduced in numerous countries worldwide in the near future.

Industry observers said approval of the company's data exports signifies that China's data export security controls are not aimed at impeding normal economic and trade activities, including data transactions, despite some foreign media claims.

Instead, it shows the nation's strong support for digital trade development in a secure and sustainable manner.

Experts said that this recent case mirrors the enhanced governance of data export security while providing practical guidance for the domestic commercial information consulting industry, so that it can navigate data export security assessments in the future.

In a statement to the Global Times on Monday, Qichacha said that its overseas corporate credit information inquiry business serves as an effective channel for promoting information exchange between domestic and foreign companies. "This, in turn, aids Chinese enterprises in expanding their overseas investments and going global," the company said.

The company aims to act as a bridge, facilitating international economic and trade exchanges and cooperation.

In September 2022, the Cyberspace Administration of China announced the Measures for Security Assessment of Cross-Border Data Transfer, which stipulate the circumstances under which domestic companies should report to government departments for a data security assessment before they are allowed to transfer any data out of China, providing specific guidance for assessment of data export security.

Qichacha aims to offer a platform for overseas companies to check Chinese businesses' credit information, and has become the first in the industry to get approval from the authorities for this initiative.

"QCC Compliance Intelligence aligns with national trade policies and helps overseas businesses understand the credit and business environment in China," the company said.

Established in March 2014, Qichacha has built a one-stop corporate credit information inquiry platform. By offering comprehensive, reliable, and transparent business data, the platform has garnered a substantial user base.

As of 2023, Qichacha offers data on 220 million domestic enterprises and it boasts 400 million users, with the total number of queries surpassing 10 trillion.

Data has become a vital new factor in production and digital trade, so it is increasingly pivotal in China's drive toward the high-quality development of foreign trade, experts said.

Qichacha has paved the way for the flow of data elements within the framework of legal compliance, allowing data to find a broader market and create greater value, Liu Dingding, a Beijing-based tech analyst, told the Global Times on Monday. Other enterprises will soon follow suit in facilitating data circulation, Liu noted.

The ability to establish a data search platform for businesses indicates the progressive refinement of China's legal framework for securing the flow of internet data, Liu said, adding that "the approval also reflects the official encouragement for more relevant enterprises to expand globally."

Looking ahead, Qichacha said that it will keep working to help businesses share credit data across borders.

While following the national rules for data export, the company aims to find ways to make it easier and more compliant, and to provide users with safer and more efficient business data to further support the country's digital economic growth, Qichacha said.