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November 24, 2021

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Data trading exchange set to open

By Zhu Shenshen | 00:05 UTC+8 November 24, 2021 | Print Edition

A data exchange will officially debut in Shanghai tomorrow, to improve data usage and management in the city.

The government-authorized data exchange is a key part of Shanghai’s blueprint to become “a global digital hub.”

Data trade will cover eight kinds of areas. Participants include traders, technology providers and lawyers, making data trading reliable and efficient.

The exchange mainly targets enterprise and organizational users.

All data usage and trade will be under strict rules, such as “data to be used but not seen” to protect individual data security and personal privacy, industry regulators said.

The first batch of participants include public utilities, banks, e-commerce firms and law firms.

Banks will now be able to easily access data from public utilities and mobile carriers when deciding on loans to businesses — reducing their risk exposure.

The official data exchange makes data sources “clear and reliable” by regulating the trade, said an executive from JD.com.

China has strengthened data and personal information protection and released several laws, such as the Personal Information Protection Law.

Data has become “a new production factor, a basic and strategic resource, which will be better shared among different bureaus and various regions,” says Zhu Zongyao, chairman of the Shanghai Big Data Center.

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