SHANGHAI, Nov. 28, 2023 /PRNewswire/ — Data Exchange is increasingly crucial in the rapid expansion of China’s data factor market, advancing the digital economy’s growth. The Global Data Ecosystem Conference 2023 (GDEC 2023) was held in Shanghai on November 25, 2023. In attendance and inaugurating the event was Gong Zheng, Deputy Party Secretary and Mayor of Shanghai. Keynote addresses were given by Liu Liehong, Party Secretary and Head of National Data Bureau, and Chen Jie, Vice Mayor of Shanghai.
The conference was themed "Data World, Connected Future". It featured the concurrent launch of multiple international data products and showcased major accomplishments in the development of the data factor market infrastructure. Several data exchange institutions collaborated to set up a data exchange chain (DexChain), collectively launching the "Trust Framework" initiative, focused on boosting the integrity and dependability of the data factor market.
The conference included an opening ceremony, a main forum, a data exchange festival, and twenty themed forums. Presenters were over 20 senior researchers and global experts, along with top-level executives from more than 20 international organizations and national think tanks. The event featured over 300 thematic presentations, panel discussions, and corporate roadshows. More than 1,000 data service providers worldwide and over 10,000 industry professionals attended in person.
International Data Products Rollout: From Local to Global Integration and Cross-Border Collaboration
The joint launch of international data products at the conference marked a progression in global data collaboration, shifting from local to international data networks. The Shanghai Data Exchange (SDE) spearheaded the establishment of an international platform, enhancing procedures for cross-border data flows and promoting data exchange partnerships between domestic and multinational corporations. Emphasizing this evolution, ten industry frontrunners, including Dun & Bradstreet, SberAnalytics, Euromonitor, Bloomberg, London Stock Exchange Group (LSEG), Mandata, WK Info, Innobator, China National Publications Import and Export (Group) and PIESAT Information Technology, presented their international data offerings. These offerings covered various countries and regions — Hong Kong, the Netherlands, Russia, South Korea, the UK and the US — spanning the finance, industry, environment, biomedicine, and remote sensing sectors. This initiative significantly boosted the availability of premium data products, playing a vital role in the development of a worldwide data ecosystem.
Furthermore, SDE is set to engage in both global and regional collaborations with entities such as the International Data Spaces Association (IDSA), DAMA International, CATENA-X Association, the Information Systems Audit and Control Association (ISACA), and the Hong Kong Chamber of Data & Digital Commerce. These partnerships are designed to foster worldwide data connectivity. Shanghai’s initiatives will enhance its global data exchange platform, bolstering international integration to improve support for cross-border capital, technology, and trade flows.
New Shanghai-Hong Kong Data Link: Dual-City Collaboration in the Development of a Data Ecosystem
2023 marks the 20th anniversary of the Shanghai-Hong Kong collaboration mechanism, a partnership characterized by continuous growth and deepening of exchanges with significant achievements. To further bolster comprehensive data exchange and collaboration between Shanghai and Hong Kong, the conference included a dedicated Hong Kong venue. This location featured a forum, a symposium for data service providers, and a lineup of corporate networking events. Discussions at these events primarily focused on the sharing, circulation and exchange of data products, and the advancement of Web3.0.
During GDEC 2023, the Hong Kong Chamber of Data & Digital Commerce Organizing Committee was officially launched. This newly established association formed a strategic alliance with the Shanghai Data Service Provider Association, aiming to jointly introduce new data products, build a data ecosystem, and cultivate third-party service providers. The objective of this alliance is to advance mutual empowerment and facilitate the development of data ecosystem and data assetization.
DexChain Goes Live, Enabling "Unified Listing, Nationwide Acceptance" Throughout China
At the conference, DexChain was officially launched, achieving a significant milestone whereby data products made available through any of the cooperating entities can be cross-traded anywhere across the entire network. The establishment of the network is the culmination of a cooperative effort among seven provincial data trading institutions: SDE, Zhejiang Big Data Exchange Center, Shandong Data Exchange, Guangzhou Data Exchange, Beibu Gulf Data Exchange, Western China Data Exchange, and Northern China Big Data Exchange. These organizations have set up consensus nodes in a consortium blockchain network, enabling deep collaboration in the build of the data ecosystem. Additional institutions such as the Zhengzhou Data Exchange Center, Hunan Big Data Exchange, Qingdao Big Data Exchange Center, and Suzhou Big Data Exchange, among others, have shown keen interest in joining as a second wave of participants. Together, they have embarked on the "Trust Framework" initiative, working collaboratively on creating unified systems, establishing shared standards, promoting the data exchange chain, sharing services, and facilitating interconnected ecosystems.
DexChain spans the entire spectrum of the marketplace for data exchange, offering a full suite of services that include basic and value-added data exchange, transactional support, and financial services for data products. Looking ahead, the National Data Exchange Alliance plans to expand its reach by launching more regional hubs and industry-specific exchange platforms. This growth strategy will involve establishing regional nodes within the chain and implementing operational standards and norms. These standards will cover areas such as node access and exit procedures, tiered and delegated management, security and operational efficiency, regulatory compliance, and sustainability measures to minimize energy consumption. The primary objective of this initiative is to promote "data interconnectivity, cross-domain collaboration, intelligent orchestration, and reliable exchange" within an integrated, multi-tiered nationwide data factor marketplace.
Creating the Data Factor Market Development Index as a Market Sentiment Gauge
During GDEC 2023, the Data Factor Market Development Index was unveiled, serving as a crucial barometer for the market. This index, a collaborative creation of SDE and the National Engineering Laboratory for Big Data Distribution and Exchange Technologies, comprises two components: the Data Factor Market Cities 30 Index and the Data Factor Market Sentiment Index. These indices are designed to offer comprehensive and precise reference data, assisting both government policy-making and decision-making processes within market entities.
The Cities 30 Index acts as a gauge of the status of the data asset market across major cities in China. This index adheres to the principles outlined in the "Opinions on Building Basic Systems for Data to Maximize the Role of Data Factor", alternatively referred to as the "Twenty Data Measures", issued by the Central Committee of the Communist Party of China and the State Council. Simultaneously, the Sentiment Index is structured to mirror a Purchasing Managers’ Index (PMI) for the data factor market. It assesses the sector’s health and future prospects, considering variables such as transaction volumes, order books, profitability, pricing trends, workforce dynamics, R&D activities, and market expectations in data exchange.
Announcing Key Annual Infrastructure Milestones, Pioneering Innovation in the Data Asset Market
At GDEC 2023, Shanghai positioned as a pivotal center for China’s data factor market, highlighted significant developments in its market collaborations, further elevating its profile as a key player within the industry. Key highlights include:
Global Cross-border Data Flows Rules Panorama: Benchmarking against international digital economy regulations, the overview serves as a basis for exploring new models for international data collaboration; Typical Application Scenarios Cases for Data Factor Circulation: Highlighting 28 leading examples across 8 industries, the analysis provides fresh perspectives on data valuation, shaped by diverse industry-specific contexts; 2023 China Data Transaction Market Research and Analysis Report: Providing an in-depth analysis of the Chinese data exchange market in 2023, the report integrates global trends and market insights; 2023 China Data Ecosystem Industry Development Report: The extensive report not only delineates the current landscape of the data exchange sector but also formulates customized data exchange development strategies for various cities, considering their unique local dynamics. Data Assets Incorporating Into The Balance Sheet and Valuation Practice and Operations Guidebook: Besides offering valuation methods, the guide also addresses the complexities in recognizing data assets in balance sheets, furnishing a practical framework for financial reporting methodologies. Commercial Bank Data Value Insight and Research: The document introduces a groundbreaking approach using data asset mapping technology, establishing a new paradigm for data assetization in the banking sector.
Introducing Shanghai’s Initial Data Brands, Enhancing Data Solutions with Expertise and Branding
Through its coordinated initiatives, Shanghai drives the evolution of the data exchange sector, guiding data products towards analytical sophistication, brand equity, and niche expertise, and enhancing the sector’s innovation capacity, informational depth, and market maturity. In October, Shanghai rolled out a data branding program, implementing the "Shanghai Data" certification process with a focus on creating synergies between established companies and quality data. During GDEC 2023, the inaugural group of certified "Shanghai Data" brands was unveiled. The brands featuring prominent names such as ICBC Shanghai Municipal Branch, E&P International, Shanghai Public Transportation Card Company (SPTCC), UnionPay Advisors, COSMOplat, CRIC, ChinaScope, JinRon Digits, Nana Technology, Winner Technology and Midu, with ample coverage of the finance, manufacturing, transportation, sports, and technology sectors. Moving forward, Shanghai is committed to driving both the growth and quality enhancement of data products. The city also seeks to refine the integration of brand development with the expansion of data services, further establishing the "Shanghai Data" brand’s stature and impact in the sector.
Fast-Tracking Data Infrastructure Frameworks, 20 Specialized Theme Forums Deliberate on Strategic Roadmaps
GDEC 2023 hosted 20 specialized theme forums, addressing a broad spectrum of critical topics. These encompassed the development and utilization of and innovation in government open data, regulatory compliance in data circulation and exchange, data infrastructure, international data transfer, and innovative applications of data assets. The forums drew over 1,000 participants from global and domestic data service providers, sparking dialogues on current and emerging trends in the data factor market. They provided a vital convergence point for industry leaders and prominent data exchange entities, creating a platform for global exchange and collaboration. This setting was instrumental in fostering innovative thinking and investigating new models for advancing China’s data factor market. The interactions and partnerships formed at these forums underscored the necessity of enhancing fundamental data governance and exchange frameworks, with a focus on continuous innovation and leading experimental initiatives in these areas.
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