(Yicai Global) Aug. 30 -- Chinese government departments are formulating mobile security standards, including key hardware and software security protection, system safety level and application permissions.

The mobile security market space is forecast to rapidly expand from USD1.52 billion (CNY10 billion) to USD10 billion, participants at the China Mobile Network Security Summit in Beijing said.

A mobile loophole caused a per capita loss of USD2,669 in the second quarter of this year, Economic Information Daily reported on Aug. 30. Data leakage has become a source of danger, and has threatened crucial industry and government institutions. Thus, China is prioritizing mobile communication security in its national strategy.

China's mobile netizens now number 724 million and the mobile web's penetration rate has grown from 95.1 percent at the end of 2016 to 96.3 percent. The country's 502 million mobile payment users made 25.71 billion transactions worth USD23.89 trillion last year.

With a growing demand of safety tests for apps, expenditure on security keeps increasing. The global outgoings on IT security will reach USD86.4 billion in 2017, increasing 7 percent annually, a foreign institution was quoted as saying.