The Shanghai municipal government issued a plan on Tuesday that allows financial institutions to transfer necessary data in daily operation via the framework of the national data cross-border transmission management system.

The plan requires financial institutions to carry out data classification, security assessment, and personal information protection certification to safeguard safety of important data and personal information.

The move represents the city's efforts to advance the high-level institutional opening of China (Shanghai) Pilot Free Trade Zone in full alignment with international high-standard economic and trade rules.

It is also part of China's efforts to standardize and promote cross-border data flow as it continues high-end opening up.

China's Ministry of Commerce told a press conference on Monday that the Cyberspace Administration of China has formulated a regulation on standardizing and promoting cross-border data flow and is currently studying and improving it in preparation for implementation.