Source: People’s Daily.
While raising the quantity and quality of data products, we must coordinate data development and utilisation, privacy protection and public security, so that data fully participates in market allocation, releases the digital dividend and supports high-quality development.
The Shanghai Data Exchange recently opened for business, offering efficient, convenient, transparent and secure trading services for data products, an exploration of great value for the development of the national data element market.
The data exchange is a new institution, but data trading is neither a new concept nor a new phenomenon. Data has evolved from a mere factor of production into an asset and even capital, an irreplaceable input in market allocation. In the digital economy, the big data generated by vast and complex economic activity has become a gold mine every company wants to dig. Data has acquired these new attributes, yet only through market circulation can it meet demand and truly realise its value. That is why the 14th Five-Year Plan explicitly calls for establishing sound rules for the data element market.
For a market with a huge digital economy and deepening integration of the digital and the real economy, data trading is especially urgent. China’s digital capabilities keep strengthening, its internet industry and market keep expanding, and the country holds roughly 20 percent of the world’s total data volume, a richly endowed nation of data elements. The massive user and transaction data accumulated by widely adopted mobile terminals, large internet platforms and digitally transforming companies is distinctive and advantageous globally. Getting the article of data circulation right, with rules that are standardised, scientific and secure, will further accelerate industrial digitalisation and digital industrialisation.
The Shanghai Data Exchange is an exploratory undertaking, and the common difficulties it targets, confirming data ownership, pricing, mutual trust, market entry and supervision, reflect how complex data trading really is. How to confirm data rights scientifically and reasonably, and how to keep data circulation secure and lawful, are both the bottlenecks and the lifeline of data trading. While raising the quantity and quality of data products, basic institutions and standards should be established for data property rights, trading and circulation, cross-border transfer and security protection, letting data elements fully participate in market allocation, releasing the digital dividend and supporting high-quality development.
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