Forex Marketz Daily Forex News – Fully Markets Update
Facebook [FB: Nasdaq], more specifically Mark Zuckerberg, and other tech CEOs, met with China’s cyberspace czar Lu Wei. Lu was in Silicon Valley last week and met with Facebook. He also met with Apple’s [AAPL: Nasdaq] Tim Cook and Jeff Bezos of Amazon [AMZN: Nasdaq].
Lu Wei is known as China’s internet regulator but his official title is Chairman of State Internet Information Office and Vice Chairman of State Council Information Office. That big title means he gets to choose what the public of China can see on their computer, tablets and smartphone screens. He also chooses which products the public can buy. Hence why Apple and Amazon were interested in meeting him.
We do not know the full details of the meeting held at the headquarters of Facebook, but this act was not for show. Zuckerberg is going through speeches of China’s Communist Party head and making his staff do the same to open this tightly regulated market. USA Today reported that Zuckerberg told Lu that he wants his staff, his managing officers to “understand socialism with Chinese characteristics.”
Some of these could be good as far as Facebook is concerned. In a 2013 speech entitled Liberty and Order in Cyberspace Lu commented that in cyberspace all people should be given the same participation level in free speech as well as in its development. He also stated that people should do away with prejudices while respecting differences. He also thinks the public should be more tolerant of others. Especially when it comes to expressing different opinions and beliefs.
However there was some bad in his speech, especially where Facebook is concerned, as he wants the following:
- An internet order to help maintain security
- An internet order that includes law-based governance and statutes
- A mechanism for cooperation on cyberspace security
The rest of what Lu wants is simple. He feels that societal order depends upon the rules in place. He wants that for cyberspace. He feels that everyone should have the right to express views but within a context and compliance of laws which nobody should violate or be able to avoid.
Facebook Loves to Change Privacy Policies
It does not take much for Zuckerberg and Company to change its privacy policy. Does Lu only mean the above for China? Let’s face it, Facebook likes to play it loose with its privacy policy and how it stores and shares our data. They also depend on this data for available services. What changes will Facebook now make in order to operate in China since the “Great Firewall of 2009” banned the social networking giant?
Facebook wants to make a good impression with China’s internet czar. Who can blame them for trying? China has over 600 million internet users that Zuckerberg would love to join his publically traded company. Would be good for his bottom line. Such a move could bring China closer to the rest of the world, both on a nation level as well as a person to person level. However, what is Zuckerberg willing to do to achieve this lofty goal? Will he use our personal data as a bargaining chip? What levels of oversight will China want in place, not only their own people, but for the rest of the world citizenry? What does China want before allowing Facebook in and what will Zuckerberg give up?
Are these fears overreaching? Yes and no. Zuckerberg has lofty ambitions as he wants to connect the entire world. He has even gone as far as stating he will spend tens of billions of dollars to achieve this and turn his dream into a reality. We should be very concerned about our privacy especially if it means Facebook could surrender the level of privacy we demand and expect to achieve global connectivity.
