Beijing International Big Data Exchange established
April 6, 2021 Category China News Round-up, Weekly
The Beijing International Big Data Exchange was set up in Beijing with a registered capital of CNY200 million. It is expected to play a key role in China’s digital economy and facilitate more data based transactions. Established by the Beijing Financial Holdings Group and government agencies like the Beijing Municipal Bureau of Economy and Information Technology, the exchange will become critical infrastructure for data security, data operations and cross-border data transactions. “It will play an important role in cultivating a sound data exchange market to unleash the value of data and drive the digital economy. It will be first applied in Beijing, Tianjin and Hebei province and expand nationwide and globally later,” said Yin Yong, Vice Mayor of Beijing. A data transaction system using blockchain and security computing technology was also launched, which will offer a series of services including data cleaning and data evaluation. Fan Wenzhong, Communist Party Secretary and Chairman of the Beijing Financial Holdings Group, said: “The new exchange will strive to make the purchase and use of data more standardized and safer.”
The digital economy is a key focus for China in the 14th Five Year Plan period (2021-25). According to the Ministry of Commerce (MOFCOM), the country’s digital trade, including exports and imports, surged by 6.7% to USD203.6 billion in 2019, accounting for 26% of the total volume of the service trade. According to a report published by global consultancy firm McKinsey&Co, large gaps exist between a handful of leading countries and the rest of the world. The report ranked 139 countries on the basis of inflows and outflows of goods, services, finance, people and data. Singapore led the rankings, followed by the Netherlands, the United States and Germany. China has grown more connected, reaching seventh place globally, but advanced economies in general remain more connected than developing countries, the China Daily reports.
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