Exclusive-Shanghai plans faster offshore data transfer approvals for foreign firms-sources

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. The planned move comes as China is looking to woo foreign investors as the world's second-largest economy grapples with a sluggish post-pandemic recovery, a real estate slump, and a deepening markets turmoil.