SHANGHAI (REUTERS) - China's Ministry of Industry and Information Technology said on Monday (July 12) it has issued a draft three-year action plan to develop the country's cyber security industry, estimating the sector may be worth more than 250 billion yuan (S$52 billion) by 2023.

The draft comes as the Chinese authorities step up efforts to enact regulations to better govern data storage, data transfer and personal data privacy.

Over the weekend, the Cyberspace Administration of China proposed draft rules calling for all data-rich tech companies with more than one million users to undergo security reviews before listing overseas.

That draft came in the wake of a regulatory probe of Chinese ride-hailing giant Didi Chuxing for allegedly violating data privacy laws.