Recently, several regions in China, including Shandong, Guangxi, and Guizhou, have been actively implementing new policies aimed at fostering a robust data factor marketThis initiative aims to improve the mechanisms in place for the development of the data factor market, thereby promoting enhanced data sharing and circulation.
Data is increasingly recognized as a vital production factor, especially in this digital era where it serves as both a core element and a strategic resource for the emerging digital economyChina, with its vast reservoirs of data resources, expansive market size, and diverse application scenarios, has successfully integrated data factors into various sectors such as telecommunications, finance, healthcare, industrial manufacturing, logistics, education, and cultureThis extensive integration is beginning to give rise to new business models and opportunities within the digital economy, fueled by the advantages of a large-scale market
Data not only creates direct societal value but also amplifies its value creation potential when merged with other production factorsTherefore, discovering ways to unlock the latent potential of data factors and realizing their value is crucial for enhancing China's competitive advantages and reinforcing its position in the global economic landscape.
In recent years, China has been taking significant strides toward cultivating and developing its data factor marketThe “Data Twenty Articles” initiative has laid the foundational framework for data governance, addressing various aspects such as data ownership, circulation, transaction protocols, benefit distribution, and security managementA multitude of data trading platforms and centers have been established, enriching the landscape of data transactions and the ecosystem of data-driven enterprises that are now flourishing
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By 2023, China’s total data production had soared to an astonishing 32.85 zettabytes (ZB), with the number of data-driven enterprises exceeding one million and the establishment of approximately 50 data exchangesMore than 13,000 products were listed on these exchanges, contributing to a projected market scale of 127.3 billion yuanOverall, these developments indicate that China’s data trading market is experiencing continuous expansion, with increasing diversity, heightened trading activity, and an increasingly optimized environment for transactions, all of which are progressively enhancing the efficiency of data circulation and its impact on the real economy.
However, despite these advancements, the development of China’s data factor market is still plagued by various bottlenecksDifficulties in confirming ownership rights, challenges surrounding ease of data circulation and transaction, and the need for improved mechanisms concerning data ownership, circulation, transaction flows, benefit distribution, and safety governance remain significant issues
When measured against its extensive data resources and multitude of applications, the current capabilities for the development, use, and transaction of data factors appear insufficientAdditionally, the rate at which data transitions across sectors is accelerating, magnifying the importance of addressing data security concerns.
The market for data factors is a burgeoning sector with no established frameworks or universally accepted pathways for its construction and institutional planningTherefore, a degree of experimental exploration remains essentialIt is evident that in order to unleash the maximum potential of data, a streamlined and orderly flow of data is necessaryThe establishment of a unified, open, and competently regulated data factor market is pivotal for invigorating such a market.
Building a marketplace entails addressing logistical questions surrounding data transactions
A robust design of data trading venues is essential, and it is critical to create a multi-tiered data trading market frameworkPlans to develop national-level data exchanges should emphasize their public function and compliance monitoringRegulatory oversight should also standardize the architecture of regional data trading venues and industry-specific data platforms, thereby enhancing connectivity between regional and national exchangesSome data trading institutions have begun initiating efforts through collaborative declarations, such as the “Interoperability Initiative for Data Trading Institutions,” aimed at fostering mutual recognition of products, interactive demand, standardized practices, and mutual trust among data entitiesThis is intended to lower compliance and transaction costs for data productsIn moving forward, enhancing trading rules and establishing a standard system will be vital in building a unified, open, and dynamic data factor market.
Establishing legal guidelines is crucial for clarifying the methodologies affecting data transactions
A more refined legal and regulatory framework is fundamental to the efficient circulation and utilization of data factorsThere is an urgent need to expedite the establishment of regulations addressing issues related to data ownership, circulation, trading systems, and benefit distribution mechanismsThis includes creating clear implementation guidelines for rights surrounding data holdings, usage, and operational capacities within the marketCategorizing and stratifying the pathways for data ownership and authorization is essential for continuous improvement of the data property rights systemIt is equally important to delineate the boundaries of rights and the baselines for data utilizationStreamlining the legislative process for data exchanges, including their establishment, location, admission standards, and regulation, is essential for laying out precise legal stipulations and clarifying roles.
Encouraging participation from industry stakeholders is another key factor in enhancing the data trading marketplace
A company-centric approach should be adopted to draw more organizations into the data exchange and market development processBusinesses need encouragement and support in exploring flexible data trading models, contributing to the cultivation of an ecosystem focused on the exploration and utilization of data resources, ultimately enriching the data factor marketplacePromoting service-oriented and technology-oriented initiatives, alongside fostering specialized third-party service providers, will help cultivate a cohort of facilitators and converters who drive data circulation, development, and value realization.
Ensuring the security of data exchange remains the foundational requirement to sustain market integrityThe safety of data is critical for the sound operation of data factor circulation and is essential for ensuring steady market growthOn one side, a comprehensive data circulation infrastructure must be constructed, expediting the innovation of circulation technology and the iteration of applications to create a unified, secure, and reliable national infrastructure for data flow