42 ASIAN LEGAL BUSINESS CHINA – GENERAL COUNSEL PROFILES 2024 APRIL 2024 SURVEY in China. Shanghai M&G Stationery worries about policy instability, enforcement, and political and compliance risks in countries with underdeveloped legal systems. Tianqi Lithium focuses on geopolitical and market risks. Data security, personal information protection, cybersecurity, trade compliance, trade compliance and export control were emphasized under compliance concerns. Du Xiaoman's department highlights the tightening of data compliance regulations, noting China's leadership in data legislation's rigor and the imposition of significant fines. Managing data compliance throughout its lifecycle has become increasingly critical. Indeed, this echoes the findings in the aforesaid Thomson Reuters report which states: "Data and cybersecurity risks are widely seen as the top compliance risks facing businesses. This is understandable, as in many respects, every business is now a data business. However, the fact that so many response options were seen as top-risk areas by so many respondents indicates that law departments and their colleagues in compliance face a potentially Sisyphean task when it comes to protecting the enterprise. " COST CONTROL In the Thomson Reuters report, 69 percent of the General Counsel surveyed said that they were facing pressure from company management to cut expenditure. In response, about 70 percent of them chose two responses: streamlining processes and improving efficiency; and moving more legal work in-house. In answering the third question from ALB: "How will your company's legal budget change in the next year? Will the legal department move more work internally?", ten teams pointed to reduced legal spending, nine said expenditure would remain flat or may change based on the company's operating conditions, while two indicated rising expenditure. The Legal Department of Beijing Calorie Information Technology, the sports technology company behind the APP Keep, tells ALB: "Cost reduction and efficiency improvement are still the theme, and budget will be minimized as much as possible. However, with such lean operations, there is limited room for the in-house team to adjust its workload." Align APAC’s team also says: "Due to challenges of the external economic environment, we foresee that the company's legal budget will shrink further. Therefore, we will reduce the use of external lawyers and improve internal work capabilities and efficiency to achieve cost saving." According to Hive Box's Legal Department: "Cost reduction and efficiency improvement have been the general trend of legal budgets in recent years. However, we will increase the percentage of budget investment 金诚同达深耕日本业务领域，为诸多日本跨国公司及大型中国 企业提供全方位、一站式的优质法律服务。所有律师均毕业于中 国及日本的知名法学院, 可使用中文、日文、英文作为工作语言。 核心成员拥有二十余年的执业经历，全程见证并深度参与了中 国外商投资及境外投资管理制度的改革与变迁，积累了丰富的 实务经验和处理复杂法律事务的高超能力。 金诚同达活跃于跨境投资、并购与重组（清算）、涉外争议解决、 海关与出口管制、反垄断与竞争法、知识产权、数据合规、税务等 热点领域，能够迅速响应客户需求并提供专业服务，已助力众多 企业完成多件行业标杆案例。 金诚同达日本业务，助力企业国际发展，共赢未来！ 北京 | 上海 | 深圳 | 合肥 | 杭州 | 南京 | 广州 | 青岛 | 成都 | 重庆 西安 | 沈阳 | 济南 | 大连 | 郑州 | 香港 | 东京 | 新加坡 ：北京市朝阳区建国门外大街 1 号 国贸大厦A座11层 ：(8610) 57068267 ：jp@jtn.com ：www.jtn.com 总 部 T e l Email We b 守信金诚 励志同达
RkJQdWJsaXNoZXIy MjA0NzE4Mw==