(Classic Tone/Shutterstock)
Knowledge is now being traded as a commodity in China. The Shenzhen Knowledge Trade, a state-run information alternate, launched in November with an inaugural ceremony and exhibition in Shenzhen.
Official buying and selling started after a year-long trial interval that noticed 415 commerce offers for a complete buying and selling quantity of 1.1 billion yuan ($150 million USD), as reported by the South China Morning Put up.
Up to now, there are 484 corporations registered on the alternate, together with 98 information suppliers, 91 information brokers, and 295 present and potential information patrons, based on SCMP. Shenzhen is southern China’s expertise hub and is residence to cloud suppliers Huawei and Tencent.
Since April 2020, China has regarded information as a manufacturing issue, or an financial constructing block in the identical vein as land, capital, and labor. As of August, over 40 information exchanges have emerged in China or are within the works, based on China’s State Info Centre. Different cities are getting in on the motion: Shanghai launched an information alternate final December and Guangzhou initiated its personal this previous September, the place buying and selling quantity reportedly surpassed 200 million yuan earlier this month.
One firm itemizing information on the alternate is the state-run China Southern Energy Grid. The corporate has already been promoting the credit score information of corporations based mostly on electrical energy use to monetary trade shoppers and can now listing this information on the market on the alternate. One other information supplier is Aurora Cell, a cell massive information options platform based mostly in China. In a press launch, the corporate stated it has linked its system with the buying and selling service platform of the alternate and is readying its self-owned information merchandise for compliance with the alternate’s requirements to make them obtainable on the platform for buying and selling.
Shenzhen. (HelloRF Zcool/Shutterstock)
SCMP famous in its protection that these information buying and selling experiments proceed even if China lacks an ample authorized framework to assist resolve points round information buying and selling, together with information possession. A report issued this month from China’s Growth and Reform Fee listed the dearth of a primary governance framework for information manufacturing as a hindrance for growth of China’s digital financial system.
Digital financial system issues have been additionally relayed on the World Synthetic Intelligence Convention that was held in Shanghai in September. Wáng Jiàndōng, an official from the Large Knowledge Growth Division on the State Info Middle, introduced that China has entered the period of information buying and selling 2.0, which he calls a “multi-level and three-dimensional information buying and selling market system and repair ecosystem.” Nonetheless, Wáng listed main challenges the nation nonetheless faces. Based on reporting from The China Challenge, these challenges embrace a scarcity of information coordination between ranges of presidency, areas, and departments with no coordination mechanisms or unified information circulation guidelines. There may be additionally a scarcity of clear information property rights, pricing mechanisms, circulation mechanisms, and information allocation and revenue distribution mechanisms. Connectivity mechanisms for information buying and selling venues and third-party service ecosystems are additionally poor, which complicates information registration, compliance, information brokerage, safety audits, asset analysis, and dispute arbitration. Lastly, the intricate worldwide information setting with its wide selection of information governance and safety laws could make adherence to safety compliance fairly difficult.
SCMP reported that Li Hongguang, chairman of the Shenzhen Knowledge Trade, stated in an interview with an area media outlet that information buying and selling faces issues akin to the dearth of high-quality information and a revenue distribution mechanism, so most corporations are nonetheless taking a wait-and-see strategy.
Nonetheless, Li is assured that Shenzhen’s already strong digital financial system will strengthen its information alternate, and the alternate goals to realize a buying and selling quantity of 10 billion yuan (about 1.4 billion USD) by 2025.
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