'Shanghai Model' of data transaction introduced globally
The Shanghai Data Exchange (SDE) introduced its "Shanghai Model" globally at a United Nations forum in South Korea, Shanghai Daily learned on Wednesday.
The model covers data usage and transaction to boost the digital economy and international trade.
The SDE was invited to participate in the 2023 Incheon Law and Business Forum this week, which was co-hosted by the United Nations Commission on International Trade Law Regional Centre for Asia and the Pacific, South Korea's Ministry of Justice, and the Incheon Metropolitan City.
During the forum held in Incheon, SDE officials shared their experience in facilitating global data flow across borders and building an ecosystem of data service providers.
They also talked about China and Shanghai's experience in drafting policies to develop the data factor market, and elaborated on how China and Shanghai's future data-related legislation could better connect with global laws and regulations.
The SDE's International Board helps enhance the trusted global circulation of electronic transferable records while accelerating cross-border data flow to benefit international trade, they pointed out.
To facilitate trusted data circulation and transaction, the SDE has actively built an ecosystem including setting up the Shanghai Data Service Providers Association. In April this year, the SDE officially launched its International Board dedicated to building a data import market and a trusted cross-border data flow system.
The Incheon forum also invited representatives from international organizations and institutions, including the UN Economic and Social Commission for Asia and the Pacific (ESCAP), Asian Development Bank (ADB), and the International Chamber of Commerce (ICC) Digital Standards Initiative, as well as experts from countries and regions, including Japan, Singapore, Malaysia and Saudi Arabia.
Together, they held discussions on hot topics such as implementation of the Model Law on Electronic Transferable Records, data transaction and digital trade agreements.