UK Expert: WIC a good forum for global regulations

Christopher Bovis[Photo provided to chinadaily.com.cn]

Editor’s note: The ongoing World Internet Conference in Wuzhen from 16 to 18 December has become a global topic. China Daily journalist Cecily Liu in London interviewed Christopher Bovis, professor of European and International Business Law at University of Hull Business School in the UK, over this annual Internet event. Here is the transcript of the interview.

Q1. What are your thoughts on President Xi Jinping’s speech at the World Internet Conference?

A: President Xi’s speech at the World Internet Conference reaffirmed China's priorities for the transition to the second speed framework of economic growth and the embrace of modern technologies as a driver for the future economic growth of China. The Internet and Information Communication Technology (ICT) will play a major role in transitioning the old and traditional economy in China into a modern base of growth.

Q2. What do you think of the significance of the World Internet Conference?

A: The World Internet Conference is important in its objective to bring the themes of regulation of the Internet and the application of ICTs in contemporary markets and sectors. As such, the Conference represents a forum where Chinese policy makers could gauge the requirements for transnational regulation of the Internet and all aspects arising in the respective application of ICTs into individual sectors. 

The World Internet Conference is also important for being the platform to establish common themes emanating from the Internet such as data protection, encryption and data ownership, social media, freedom of information, communications surveillance, national security and combating crime, cyber crime and terrorism. 

Q3. What are your thoughts on China becoming a world leading Internet country?

A: The Internet and Information and Communication Technologies represent the transitional platform for the Chinese economy to move to its second speed economic growth framework. The evolution of services, specifically the financial services facilitates sectors within such services which would not function without the presence of the Internet and ICTs.

China will benefit enormously form transactional economies by adopting and harnessing the power of the Internet. As such, logistics, invoicing and payments, contracts, just-in-time delivery, procurement will be in line for full application of transactional cost efficiencies.

China will benefit from transforming its financial services sector by harnessing the Internet and ICTs. Also, the evolution of the financial services in China will go in tandem with the adoption of ICTs, as they are inseparable market sectors. Financial services will propel the second speed economic growth strategy for China. The ICTs implementation and Internet application are expected to increase the market share of Chinese banking and financial institutions, and facilitate the export of financial products to regional markets and also to Europe and USA. The abundance of capital reserves amassed throughout the traditional economic growth patterns of China over the last few decades will find a direct link to the transformation of financial services through ICT and the Internet. 

Q4. What do you think of China’s innovations in the field of Internet?

A: China has tremendous potential in innovation in the field of the Internet. The Cloud represents a unique market in its own capacity to apply Chinese Internet research and development. In addition data storage also could be a very lucrative sector.

What is mostly expected from Chinese innovations in the field of the Internet and ICTs is the application of technologies to traditional manufacturing. Features such as automation, control, real time devices will find their way into many industrial sectors which currently are not taking advantage of the benefits of ICT and the Internet.

Q5. What are your thoughts on different countries’ respect for each other’s Internet security?

A: Internet security is paramount when it comes to the application of ICTs and also to the principle of international collaboration. Encryption is a pre-requisite, the recognition of electronic signatures, data protection and confidentiality as well as monitoring and surveillance frameworks must be coordinated across the world. China must lead the way in adapting international instruments and treaties which are pertinent to modern communications and enact domestic legal and policy frameworks which regulate the Internet in a secure manner.