Measures to unleash value of data resources

A visitor checks out Haier's booth during an electronics expo in Shanghai in March. CHINA DAILY China will accelerate steps to promote reforms related to the market-oriented allocation of data elements and improve the basic systems and mechanisms for data management, as part of its broader push to foster new quality productive forces and unleash the value of massive data resources, the country's top data governance regulator said on Monday. The country will ratchet up resources to bolster the development and utilization of public data and enterprise data, expand the application scenarios of data elements in more fields, and strengthen international cooperation in the digital economy domain, in order to cultivate new competitive advantages, Liu said at a news conference hosted by the State Council Information Office in Beijing. The in-depth integration of data with traditional industries will improve production efficiency, optimize the allocation of resources, and create novel business models, he said, while stressing the need to speed up the building of a unified domestic data elements market, explore a data pricing mechanism and value assessment system, ensure data security and strengthen privacy protection. Statistics from the National Industrial Information Security Development Research Center show that revenue derived from China's data elements market is projected to rise to 198.9 billion yuan in 2025, with the compound annual growth rate surpassing 25 percent during the 14th Five-Year Plan period.