Turning "numbers" into "gold" to stimulate the vitality of the data element market in many places

Release time:Apr 15, 2024 12:53 PM

Beijing, August 25th (Xinhua) - The Economic Reference Daily published an article on August 25th titled "Turning Numbers into Gold to Stimulate the Vitality of the Data Factor Market in Multiple Places.". The article states that building an integrated data circulation system, comprehensively promoting the market-oriented allocation reform of data elements, and promoting innovation in data technology products and business models... In recent times, Beijing, Shanghai, Guizhou, Hubei and other places have successively issued policy documents, clarifying the goal of building a data element market with a scale of billions in the next few years, and promoting the orderly circulation of social data and accelerating the development and utilization of data resources.

Industry insiders believe that the relevant measures have released a strong signal of support from local governments for the circulation and development of data element markets, indicating that the construction of nationwide data element markets will be comprehensively accelerated. At the same time, it will promote the input of various data elements into production and business activities, drive business innovation with data, and unleash the value of data.

Recently, Shanghai released the Action Plan for Promoting Innovative Development of Data Element Industry Based on the New Track of Digital Economy, which clarifies that by 2025, the data element market system will be basically established and the status of national data exchanges will be basically established; The driving force of the data element industry has been fully released, with a scale of 500 billion yuan and an annual compound growth rate of 15%, attracting 1000 digital commerce enterprises.

Not only Shanghai. Recently, many places have actively deployed and explored data infrastructure systems tailored to local conditions, activating the potential of data elements, and creating a hub for data element configuration.

Beijing recently issued the Implementation Opinions on Better Utilizing the Role of Data Elements and Further Accelerating the Development of the Digital Economy, proposing to promote the establishment of a multi-level data trading market that efficiently matches supply and demand, fully tap into the value of data assets, and create a hub for data element allocation. Strive to achieve a data element market size of 200 billion yuan in Beijing by 2030. The recently released "Implementation Plan for the Construction of Hubei Province's Data Element Market" proposes that by the end of 2024, the institutional system for data element property rights, circulation and trading, income distribution, and security governance will be completed; By the end of 2025, the central hub of the national data element market will be preliminarily built.

It is worth noting that many places have taken the lead in promoting data resource utilization and assetization, attempting to solve problems such as difficult data rights confirmation, supply, and transaction.

On August 21, the Shanghai Data Exchange released the "Data Element Market Prosperity Plan", which will launch a special incentive fund to promote the circulation of data elements for enterprises related to the data element market nationwide. The plan is to establish a special incentive fund of 100 million yuan to promote the prosperity of the data business ecosystem and activate on exchange trading.

The recently issued Implementation Plan for the market-oriented allocation reform of data elements in Guizhou Province proposes to innovate the data property rights system, explore new ways of data property rights registration, strengthen the high-quality supply of data elements, and standardize data circulation and transactions. By the end of 2025, significant breakthroughs will be made in the local data resource and asset reform, with data circulation and trading leading the country, with an annual transaction volume exceeding 10 billion yuan.

Zhao Gang, the director of Saizhi Industry Research Institute, told Economic Reference Daily that from the recent deployment, the main tone of the construction of the data element market is to promote the compliant and efficient circulation and use of data, empower the real economy, and mainly include three important directions: first, the open sharing and authorized development and utilization of public data; second, the circulation, trading and application services of social data; third, data assetization and financial innovation.

"The gradual introduction of detailed data infrastructure systems in various regions indicates that data as a factor of production has formed a consensus among the whole society, releasing a strong signal of support from local governments for the circulation and development of data factor markets. This means that the construction of a nationwide data factor market will be comprehensively accelerated.".

In fact, China is accelerating the construction of a data infrastructure system, fully leveraging the advantages of massive data scale and rich application scenarios, and strengthening, optimizing, and expanding the digital economy.

At the end of last year, the Opinions of the Central Committee of the Communist Party of China and the State Council on Building a Data Infrastructure System to Better Play the Role of Data Elements were released, with a focus on data property rights, circulation and transactions, income distribution, and security governance. The system laid out the "four beams and eight pillars" of the data infrastructure system. Since the beginning of this year, the "Overall Layout Plan for Digital China Construction" has been released, emphasizing the smooth circulation of data resources; Establish the National Data Bureau, responsible for coordinating and promoting the construction of data infrastructure, coordinating the integration, sharing, and development of data resources.

As multiple parties accelerate the exploration of new models and innovative scenarios for data circulation, the value of data elements continues to be released, becoming a new driving force for promoting high-quality economic development. The Digital China Development Report released in April this year showed that the scale of China's big data industry reached 1.57 trillion yuan in 2022, a year-on-year increase of 18%. In addition, according to data from the China Academy of Information and Communications Technology, the scale of data transactions in China exceeded 70 billion yuan in 2022, and it is expected that the overall market size will exceed 220 billion yuan by 2025.

In the eyes of industry insiders, data elements are the driving force behind the development of the digital economy. However, overall, the development of China's data element market is still in its early stages, and there is still room for further exploration and refinement.

Experts from the China Academy of Information and Communications Technology believe that, specifically, data valuation and pricing lack basis and need to play a market role; The circulation rules are not yet perfect and need to be encouraged and actively explored; The circulation technology is not yet mature and needs to be strengthened with technical support.

Looking ahead to the next step, the institutional system and supporting policies related to data elements will be further improved. Recently, the Ministry of Finance formulated and issued the "Interim Provisions on Accounting Treatment of Enterprise Data Resources", which will be implemented from January 1, 2024. This will help further promote and standardize the implementation of accounting standards by data related enterprises, accurately reflect data related business and economic essence. The Ministry of Industry and Information Technology proposes to support the high-quality construction of data trading institutions in Beijing, Shanghai and other places, encourage various market entities to participate in the construction of data element markets, and explore various forms of data trading models; Promote the high-level construction of a national unified data registration platform, guide the pilot of data asset value evaluation, and break through the bottleneck of data element circulation.

Zhao Gang believes that with the gradual removal of institutional barriers in the construction of China's data element market, the market-oriented reform of data elements will be comprehensively accelerated, continuously stimulating the supply capacity of data resources, and promoting the standardized, scaled, and industrialized development of the data element market.

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