Chinas GDPR alternative is around the corner

Personal Information Protection Law (PIPL) was approved as law on August 20th and is set to come into affect November 1st, reports China state media Xinhua [↗]
PIPL will have some similar features, such as requiring user permission to transfer user data abroad. The law also gives Chines government permission to black list foreign companies, organizations and persons to access data concerning Chinese citizens
Maximum penalty for PIPL is 5% of annual revenue, which is one percent higher than GDPR's 4% of annual revenue
With China getting PIPL, it could lead China getting “adequacy decision” under GDPR. As an requirement from GDPR, is that countries outside of EU have adequate privacy protection to be able to transfer data between EU and other jurisdictions