Shanghai to allow faster data transfer from China for foreign firms

Shanghai plans to accelerate approvals for foreign firms wanting to send their local data offshore, four sources with knowledge of the matter said, in what would be a major relaxation of China’s stringent data rules unveiled more than a year ago.

The Shanghai government in recent weeks discussed the so-called fast-track approval initiative with representatives of some foreign firms operating in the commercial hub, including western banks and asset managers, said two of the sources.