Guo Wei. This article was written by Guo Wei, CEO of Beluga Open Source, and submitted to participate in the selection of the "Data Ape Annual Golden Ape Planning Activity - 2023 Big Data Industry Annual Trend Person List and Awards".
Looking at the development of China's data industry in 2023 and the trend of the data industry in 2024, we have to mention the concept of data elements emphasized by the state throughout 2023 and the three-year action plan for "data elements" (2024-2026) jointly issued by 17 departments including the National Data Bureau of China in December 2023.
From the perspective of policy development from 2020 to 2023, the overall idea is to make data elements the "new energy" of enterprises, so as to promote the vitality of digital and intelligent development of enterprises and drive the overall upstream and downstream industrial upgrading. So, can data elements and data provider financing really promote China's data-related industries to overtake like China's new energy vehicle manufacturers, thereby driving the upgrading of the entire industry?Read this article and it will give you the answers.
Conceptually speaking, data elements refer to the era of digital economy, data will also be used as a basic production resource data element, which is juxtaposed with land, labor, capital, and technology, and can increase output when combined with other factors of production. It is an important supplement and extension to the traditional theory of factors of production. It plays an important role in promoting economic activities and social development. This concept reflects the core position of data in the modern economy, and believes that data can participate in all aspects of production, distribution, circulation and consumption as an independent element.
Earlier, on March 30, 2020, the "Opinions on Building a More Perfect Market-oriented Allocation System and Mechanism of Factors" was issued, which defined five major elements for China's economy, which are: 1Land;2.Workforce;3.Capital;4.Technology;5.Data. On July 21, 2021, Guangming** published the article "The Key to the Marketization of Data Elements Should Be Grasped in the Development of Digital Economy", proposing that "in the era of digital economy, data has the dual attributes of basic strategic resources and key production factors. In particular, on December 2, 2022, *** published the "Opinions on Building a Data Basic System to Better Play the Role of Data Elements" (i.e., "Data 20"), which systematically expounded the importance and scope of application of data elements, and clarified the policy direction of giving play to the role of data in economic and social development. Subsequently, on December 9, 2022, the Ministry of Finance issued the Interim Provisions on the Accounting Treatment of Enterprise Data Resources (Draft for Comments) (hereinafter referred to as the "Interim Provisions"), which intends to standardize the accounting treatment of enterprise data resources, strengthen the disclosure of relevant accounting information, give full play to the value of data elements, and serve the development of the digital economy and the construction of digital China. The introduction of accounting standards related to data assets is very important, the four traditional factors of production, basically reflected in the accounting statements, the business activities of enterprises should be reflected in the accounting statements, the data as a factor of production, the accounting statements are bound to change.
It can be seen that from 2020 to 2022, a number of policies have been formulated to establish data as one of the core production factors, which not only reflect China's data-driven and important importance, but also reflect China's strategic layout in promoting the development of the digital economy, and give high expectations for the development of the data industry. It is conceivable that the establishment and promotion of the concept of data elements in China will provide new impetus and direction for the development of China's and even the world's digital economy.
At the end of 2023, 17 ministries and commissions have clarified the "Data Elements" Three-Year Action Plan (2024-2026) to show the implementation of the action plan for the next three years
On the whole, this is the first joint 17 departments to give a clear plan for the data elements and give the expected indicators. The core of the plan is to promote the open and utilization of data resources, and at the same time support data providers to go public and raise funds, aiming to activate the potential of data elements and promote the application of data elements in different industries and fields
1. Support the listing and financing of data vendors: This measure is intended to guide and encourage all kinds of social capital to invest in the data industry, support the listing and financing of data vendors, and strengthen the financial support of the data industry.
2. Key actions: The plan covers many fields including industrial manufacturing, modern agriculture, commercial circulation, transportation, etc., and improves the efficiency and innovation ability of the industry by integrating and optimizing data resources in these fields.
3. Public data authorization mechanism: Explore a public data authorization mechanism coordinated by ministries and provinces to improve the level of data supply, optimize the data circulation environment, and strengthen data security guarantees.
4. Cross-domain data integration: The plan emphasizes cross-domain promotion of the integration and development of multiple data to solve the problem of data silos and data chimneys and improve the efficiency of data utilization.
5. Coordination between ministries and provinces: The plan emphasizes the combination of the top-level design of national departments and local market transformation scenarios to promote the marketization and industrialization of data elements.
6. Strengthen the main position of enterprises: clarify the core role of enterprises in the whole chain of data element collection, processing, trading, and application, and enhance their confidence and ability to participate in the market.
7. Financial support: It is planned to support the listing and financing of data providers, make overall use of budget investment and other types of funds to increase support, and encourage financial institutions to provide more credit support to optimize financial services.
Through these measures, China** hopes to promote data elements as a new engine of economic growth, and improve the quality and efficiency of the economy through data empowerment. The implementation of these policies is expected to have a far-reaching impact on the data industry and related industries, and promote the efficient use of data elements and industrial innovation.
From the policy released on data elements in 2020-2023, it can be compared to 10 years ago, and a large number of policies have also been given in supporting the new energy track of automobiles, so as to build the existing new energy industry: the document issued in 2013 "Guiding Opinions on Playing the Supporting Role of New Energy in Energy Conservation and Emission Reduction", the document "Guiding Opinions on Accelerating the Development of the New Energy Vehicle Industry" issued in 2014, and the document "" issued in 2016 Opinions on Actively Promoting the Revolution of Energy Production and Consumption and Accelerating the Adjustment of Energy Structure".
We can feel the determination of a series of first-class policy tilts from 2020 to 2023, which also aim to create a new "data new energy" track with data elements as the core, so as to revitalize all links in the entire data industry chain.
It is estimated that there will be more than 600,000 data element-related enterprises in 2023, and as of December 2022, the number of registered enterprises related to data elements in China has reached 432399, of which 140837 new data element enterprises will be added in 2021, with an annual growth rate of 4803% (data from Asset Information Network). This data shows the rapid growth of the data element market and the activity of the industry. The number of data products listed on the Shanghai Data Exchange has exceeded 1,200, and the turnover has exceeded 100 million yuan by the end of 2022, and the on-exchange transaction amount is expected to exceed 1 billion yuan in 2023. The protection and utilization of data property rights are increasingly on the agenda. Beijing, Shanghai, Guangdong, Hubei and other places have issued policies related to the data element market, focusing on data property rights. All provinces and municipalities have actively carried out pilot practices such as "data asset registration", "data product registration" and "data asset certificates" to promote the full release of data value.
Looking ahead to 2024, I believe that data elements will develop rapidly in the following three areas:
Upstream and downstream technology chain: China's data element industry chain is a multi-link, multi-level complex system, covering all stages of data collection, processing, storage, aggregation, trading, application and security. During 2022 and 2023, this value chain has developed significantly, especially in data collection, processing technology, and data storage. The data trading market has also shown strong growth momentum, with data exchanges in Shanghai and Guiyang both achieving significant growth in data product listings and turnover.
Marketization of data elements: With the advancement of marketization of data elements, the types of data products and the volume of transactions are increasing. The data trading market is growing rapidly, including data exchanges and platforms that facilitate the buying, selling, and sharing of data. In addition, the value chain of data elements is constantly evolving, especially in the definition, classification, accounting and valuation of data assets.
Technology and service platform: The establishment and development of platforms such as the Data Element Industry Service Platform (DISP) provides cutting-edge, authoritative, comprehensive and professional data dynamics and high-quality data solution services. These platforms support multi-dimensional data analysis capabilities and empower multiple data application scenarios, including policy pre-research, data transactions, and public data operations.
I believe that data elements, as the starting point for the country to stimulate the vitality of digital intelligence and promote the rebirth of industries, will become a key factor in economic development, industrial upgrading and innovation
1. In-depth marketization and industrial application: As an emerging production resource, data elements are expected to penetrate deeper into various industries and fields. As data technology evolves, various industries, such as manufacturing, financial services, healthcare, and education, will make wider use of data elements to improve efficiency and innovate services and products.
2. Development of the data trading market: The data trading market is expected to continue to expand, not only in terms of quantity, but also in terms of the type, method and scope of transactions. Data exchanges and platforms may launch more innovative trading mechanisms and services to support the effective circulation and value realization of data resources.
3. Further improvement of policies and regulations: With the increasing importance of data elements in the economy, relevant policies and regulations may also be further improved and developed. This may include aspects such as data security, privacy protection, cross-border data flows, and data property rights.
4. Technological innovation and infrastructure construction: In order to better support the development of data elements, related technology and infrastructure construction will also be strengthened. This could include more efficient data processing and analysis techniques, more secure data storage solutions, and better platforms for data sharing and collaboration.
5. Data-driven innovation and business models: Enterprises and organizations will become more reliant on data-driven decision-making and operations, which will give rise to new business models and services. The use of data elements will not be limited to internal decision support, but will also extend to areas such as customer service, product design, and marketing.
6. Cross-industry cooperation and ecosystem building: It is expected that more cross-industry cooperation will emerge to promote data sharing and utilization. Building an ecosystem of data elements, including partners, merchants, customers, and competitors, will become an important way to promote the application and innovation of data elements.
In short, with the further implementation of national policies, the use and capitalization of data elements will become a leverage point to leverage the digital and intelligent upgrading of multiple industries, and eventually make data elements a new driving force for economic growth.
About Guo Wei:
Mr. Guo Wei is the CEO of Beluga Open Source, a member of the Apache Association, a member of the Open Source Technical Committee of the China Institute of Communications, and the president of the Beijing Branch of TGO. Mr. Guo Wei, who graduated from Peking University, has rich experience in the field of big data in companies such as IBM, Teradata, CICC, Lenovo, and Analysys. He was the proposer of the Big Data IoT architecture and drove the concept of "data river". As an expert in the field of DataOps, he has held important roles at several international conferences, such as Chairman of the Apache Con Asia DataOps Forum, and guest speaker at the DataOps Summit in Poland and Big Data Day in North America. He is committed to the democratization of data, and has made outstanding contributions to the open source of big data and the development of public communities in China.