China establishes regulations for the "Market of Data" and launches the state-run Shenzhen Data Exchange

November 22, 2022 By Raulf Hernes

(Image Credit Google)

The Shenzhen-based state-run data exchange has begun operations. In an effort to "create a data trading market to bolster its digital economy," businesses are now permitted to buy and sell data like conventional commodities. Launched in December, Shenzhen Data Center facilitated 415 trade deals worth $150 million in trading. Since its launch in December of last year, the Shenzhen Data Exchange has been in charge of facilitating 415 trade transactions totaling $150 million in trading volume. Last Thursday marked the official start of trade. A total of 484 firms were registered with the exchange, according to the SCMP report. This entails 91 data brokers per exchange, 295 existing and potential data buyers, and 98 data providers. [caption id="attachment_64845" align="aligncenter" width="705"]

Image: Shenzhen Stock Exchange[/caption] Chinese state-run Southern Power Grid will advertise the credit data for sale after selling it to businesses based on electricity use and bank clients. Since the exchange will enable wider training, the data will be listed. China is attempting to establish a market for data through enforcing business laws. Beijing sees this choice as a brand-new production element, comparable to capital, land, and labor. According to a State Information Center article released in September, approximately 40 data exchanges were either planned for or already existed as of August. According to The China Project, Guangzhou, Shenzhen's neighbor, started its own exchange in September while Shanghai launched its own data exchange in December. [caption id="attachment_64846" align="aligncenter" width="594"] Xi Jinping

(Photo by Kevin Frayer/Getty Images)[/caption] The trading volume on Guangzhou's own market earlier in November exceeded approximately $30 million. The tests are still going on even though China still has a sufficient legal system that can address problems with data trading, which experts stress also includes the problem of data ownership. He Lifang, a representative of China's Development and Reform Commission, noted the absence of a fundamental governance structure for data production in the earlier study. It was identified as one of the main obstacles to the growth of China's digital economy. Li Hongguang, the chairman of Shenzhen Data Exchange, also mentioned that data trading has many issues, such as a shortage of high-quality data and a profit-sharing system, in an interview with a local media site.

By Raulf Hernes

If you ask me raulf means ALL ABOUT TECH!!

China establishes regulations for the "Market of Data" and launches the state-run Shenzhen Data Exchange

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