Chinese lawmakers approved revisions to the country’s counterespionage law on 23 April 2023, broadening the definition of spying and banning the transfer of any information related to national security interests (which are not defined by the law). The revisions, accompanied by raids on international businesses and new restrictions on access to information for foreign businesses and investors, are a symptom of further deterioration in the relationship between China and the West and have increased risks for foreign firms operating in China. These developments come at a time when access to corporate and financial data is critical for international companies with operations in China as they navigate an increasingly complex set of risks.
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