There has been a broad consensus on strengthening the supervision of cross-border data flows and promoting international cooperation. However, the importance attached to the governance of cross-border flows of industry-specific data is still insufficient, exhibiting a tendency for regulatory rules to be "one-size-fits-all". There is an urgent need to conduct targeted research to help solve the current governance dilemma. This study sorts out the core concepts and types of cross-border flows of industry-specific data, as well as characteristics and governance needs of cross-border data flows in typical industries such as finance, medical care, manufacturing, and e-commerce. Moreover, it analyzes the international mainstream paradigm of cross-border data flow governance and the policy practices in developed economies. The current situation and challenges of cross-border data flow governance in China are revealed. The study finds that the common trends in global cross-border data flow governance are becoming increasingly prominent, shifting from the tripartite structure of "sovereignty protection, free flow, and balanced governance" to "controlled flow" with security as a prerequisite. The basic system and industry rules for China's cross-border data flow governance have taken shape. However, there still exist problems such as ambiguities in industry risk gradients and a tendency toward "pan-security", difficulties in adapting emerging technologies and a disconnect between technologies and rules, insufficient departmental coordination and lagging regulatory responses, as well as fragmented rules and limited international discourse power. The study suggests improving the governance system for cross-border data flows, deepening participation in international data governance rules, strengthening refined regulatory mechanisms by industry, and building a collaborative governance ecosystem for cross-border data flows. This "China path" for the governance of cross-border flows of industry-specific data should be explored with equal emphasis on security and development.