Tech Companies Worried Over China's New Rules For Selling To Banks

An anonymous reader writes: China is putting into place a new set of regulations for how banks interact with technology, and it has many companies worried. While the rules might enhance security for the Chinese government, they devastate it for everyone else. For example, not only will China require that companies turn over source code for any software sold to banks, the companies building the software (and hardware) must also build back doors into their systems. The bad news for us is that most companies can't afford to simply refuse the rules and write China off. Tech industry spending is estimated to reach $465 billion in 2015, and it's projected for a huge amount of growth.

Comments

I'm sorry ...

[gstoddart]

Sorry, but am I meant to believe the US government doesn't also insist on backdoors?

Because they pretty blatantly want backdoors in crypto and everything else.

So let's not pretend it's just China doing this ... every damned government is insisting on this crap.

And, really:

With these new regulations, foreign companies and business groups worry that authorities may be trying to push them out of the fast-growing market. According to the Times, the groups -- which include the US Chamber of Commerce -- sent a letter Wednesday to a top-level Communist Party committee, criticizing the new policies that they say essentially amount to protectionism.

Boo frickin' hoo. You think China gives a crap about a stern letter from the US Chamber of Commerce? Or that they care if you have access to their markets?

Other than that's the only way they can keep expanding indefinitely, what makes corporations feel like they're entitled to be in any market?

I'm betting a bunch of the companies involved in this collective hand-wringing are already enabling the US government to have access through other backdoors -- so don't pretend it's even more terrible when China does it.

If America is so concerned about backdoors and exploits in Chinese made products ... make 'em yourselves.

American companies need to stop acting like they can tell countries where they do business what they're willing to do. Suck it up, you want access to the market you play by the rules. Just like they would have to do to do business in the US.

I hear this crap and I just hear "Waaah, how are we to make a profit if you impose rules on us, woe is us, how will be maximize executive bonuses if there are rules?"

Re:Painted target

[Captain Splendid]

I know the article says that these companies can't afford to ignore china

Well, big companies, like MS, Apple, Oracle, etc.

When you run a small (or more local) business, one of the nice things is being able to avoid certain markets and customers. In fact, unless your future growth (and corresponding funding) aren't a lock, you have to avoid them because all they'll do is destroy your business.

So if the big boys have to jump through ridiculous hoops in order to keep those profit margins sky-high, fuck 'em. That's how the game works.

Re:Painted target

[gstoddart]

Because globalization is the directive, and you can't think this way and be a globalist.

And what evidence do we have the globalization helps anybody except corporations who fuck the rest of us over in the process?

Everybody acts like globalization is a good thing ... and unless you're a multinational corporation, I have yet to be convinced that's true.

H1B visas are just large corporations cheating the system by bringing in cheaper labor from other countries.

I'm of the opinion that globalization is a crock, championed by those who make money from it, and which comes at the expense of everybody else.