China's new policies for efficiency in trading data

China will formulate policies to bolster compliance and efficient circulation for the trading of data, as well as establish a revenue distribution system concerning data elements this year, as part of a broader push to foster new growth drivers and fully unleash the value of massive data resources, the National Data Administration said on Tuesday.

China has made great efforts in accelerating the reform related to the market-oriented allocation of data elements, and pressing ahead with the construction of data infrastructure such as computing power networks, according to a national work conference on data held on Monday in Beijing.

The administration said more efforts should be made to improve the basic systems for data, including the establishment of a data property rights system, and a security governance mechanism, improve the utilization level of data resources, and expand the application scenarios of data, in a bid to promote the high-quality development of the digital economy.

It also stressed the importance of promoting the innovative development of data technologies, speeding up the building of a national computing network and data circulation infrastructure, enhancing capacities to guarantee data security, as well as strengthening international cooperation in the data segment.