even sell user data. without users ’ authorization, those activities seriously violate business interests and individual privacy. chinese government has made efforts to plug the holes. the civil code provides legal protection for individual information. the individual information protection law is also being drafted. financial data security regulation is being developed by the regulators. all these aim to build an effective protection and prevent data leak and abuse. third, some issues need to be further discussed. facing the rapid growth of fintech, we will adopt a positive and prudent approach. we will encourage innovation while enhancing risk control, so as to address the new problems and challenges. firstly, paying high attention to cyber security. at present, over 90 % of china ’ s banking transactions have moved online. compared with conventional risks, cyber risks spread faster and wider with impacts greater. cyber security emergencies also call for better contingency response and management. secondly, promoting fair market competition. fintech is a “ winner takes all ” industry. with the advantage of data monopoly, bigtech firms tend to hinder fair competition and seek excess profits. traditional anti - monopoly laws focus on cartel, market abuse and operator concentration. however, fintech industry leads to many new phenomena and problems. we might need to pay more attention to the following questions. a ) have the bigtech firms blocked newcomers ; b ) have they collected data improperly ; c ) have they refused to disclose information that should be made public ; d ) have they engaged in conducts misleading users and consumers? thirdly, watching out for the “ too big to fail ”. now the mircropayment market is dominated by a 2 / 3 bis central bankers'speeches few tech companies. they have the feature of being key financial infrastructures with public interest at stake. besides, some bigtechs operate cross - sector businesses, with financial and technology activities under one roof. it is necessary to closely follow the spillover of those complex risks, and take timely and targeted measures to prevent new systemic risks. fourthly, clarifying data ownership. chinese government has recognized data as a production factor together with labor, capital and technology. and clear ownership is fundamental to marketbased allocation and pricing of data. at present, few jurisdictions have specified the ownership of data property, and bigtechs have de facto control over data. it is necessary to clarify data rights of different parties soon, and improve data flow and pricing mechanism. it is also important to fully and fairly utilize data, and protect

bilateral meetings remarks on the chilean economy since september monetary policy report rosanna costa, governor of the central bank of chile 2022 imf / wb annual meetings thursday 13 to saturday 15, october 2022 recent inflation developments currently, inflation is a major concern for most economies and chile is no exception. in chile, although with a slight moderation in the last figure — september 2022 —, total inflation reached 13. 7 % yoy, while core inflation — measured by the cpi excluding volatiles — continued to rise to 11. 1 % yoy. the sum of the august and september data — both figures known after the release of the last monetary policy report ( ipom ) — reveals somewhat higher inflation than expected with the surprise coming from food prices, both volatile and non - volatile. • inflationary factors behind the evolution of inflation there are some common elements to the rest of the world and some others more idiosyncratic. among the former, there is the increase in external costs since the end of 2021, explained by the increase in the price of raw materials and food due to russia's invasion of ukraine, and the disruption of supply chains. among the internal factors, one of the main elements identified is the domestic spending imbalances accumulated during 2021 — as a result of fiscal aid and pension fund withdrawals, that reached almost 33 % of gdp —, and which is especially evident in the still high level of private consumption. added to this is the increase in wage costs associated with the tight of labor market. however, this has diminished during 2022 with the recovery of labor supply and lower demand. the peso's depreciation has also played a relevant role in the rise in inflation. the increase in the exchange rate has been caused by a combination of internal and external factors, where the former have a greater weight. in recent years, the chilean currency has lost value vis - a - vis other comparable currencies, mainly because of greater local uncertainty and some political - legislative decisions taken in previous quarters. more recently, the peso's evolution has been more linked to the dollar's global appreciation. data for the quarter ending in august shows that job creation is stagnant, the unemployment rate remains at 7. 9 % and labor participation has stabilized. on the other hand, the internet job postings index shows a decreasing trend during the year. nominal salaries present annual increases of around 11 %, and real salaries remain at negative values close to 3 %