Commentary Foreign companies doing business in China have been waiting years for clarity from the Chinese Communist regime on how they can extract their data out of China. They’re finally getting what they were waiting for. But it hardly clarifies everything, and introduces new landmines. Last week the Cyberspace Administration of China (CAC) released a new set of draft rules governing the steps businesses must undertake to transfer their Chinese data abroad. It will have far-reaching consequences, and could impact Chinese companies seeking to list their stock abroad as well as foreign companies with operations within China and Hong Kong. This clarification has been hotly anticipated as Beijing mandates that companies must undergo a series of data security “assessment” before they can transmit the data they own beyond China’s borders, to their headquarters, for instance. It does clear up a few things. First of all, the agency overseeing this data …