In May, an employee checks equipment at a big data center in Guiyang, Guizhou province. The country has issued a guideline on building basic systems for data and putting data resources to better use as a result of the Global Big Data Exchange in Guiyang, capital of Southwest China's Guizhou province, ratcheting up efforts to facilitate the circulation and transaction of data elements.
The Global Big Data Exchange in Guiyang has been a pioneer in bolstering the flow and trading of data resources across the country, as the country's first big data exchange. The Exchange has attracted 451 data merchants, of which 228 come from Guizhou. The number of data products and services along with algorithm tools is 499 and 125, respectively.
Guizhou has become a front-runner in China's big data industry since it was approved to host the country's first comprehensive big data pilot area in 2016. The Big Data Development Administration of Guizhou said the annual turnover of data circulation and transactions in the province should reach 10 billion yuan by the year 2025.
In 2015, the Guiyang exchange will continue to improve the industrial chain for data circulation and trading, as well as increase policy support and data supply, in order to create a data circulation and trading market system that is regulated and market-oriented and fully unleashes the full value of data.
It aims to become a hub for China's data element circulation, and develop into a national big data exchange. More efforts should be made to explore the data pricing mechanism and value assessment, as well as diversified commercial models of data trading.
Experts said data elements have become an important factor in the development of the digital economy. China rolled out 20 key measures to help build basic systems for data in December, as part of its broader drive to facilitate the development of the digital economy and inject new impetus into economic growth.
The country's systems for data will include the creation of a property system, a circulation and trading system, an income distribution system and a security governance system.
Data elements are the key to the success of artificial intelligence and big data. Pan Helin, co- director of the Digital Economy and Financial Innovation Research Center at Zhejiang University's International Business School, said that data producers and holders will be able to transfer data to users through data trading, enable the real economy and unleash the value of data elements.
Pan said that the use of the technology to confirm protection for data related rights is a requirement for data transactions and circulation.
The Ministry of Industry and Information Technology has unveiled a plan for big data development during the 14th Five-Year Plan period 2021 -- 25, which will see a scale topping 3 trillion yuan by the end of 2025, with a compound annual growth rate of around 25 percent.
Ma Yanxin, a researcher at the Law School of South China Normal University, said that data resources serve as the basis of digital economy development, and that more efforts should be made to enrich data transaction scenarios.