Hangzhou launches data exchange in Binjiang

Wu Huixin
The Hangzhou Data Exchange will boost the digital economy in a range of markets and promote the efficient circulation and use of public data, enterprise data and data regulations.
Wu Huixin

The Hangzhou government inaugurated the Hangzhou Data Exchange at the Summer Summit of the China Data Valley in Binjiang District on August 23.

The exchange is to boost the digital economy in diversified markets and promote the efficient circulation and use of public data, enterprise data and data regulations.

During the summit, local departments issued the first "data compliance circulation digital certificate," which is designed to boost efficiency of circulation, protect legal transactions and ensure data security.

In the trial operation, the certificate has been applied in media and pharmaceutical data transactions, and proved effective and practicable. It will next be used in more scenarios.

Hangzhou-based DAS-Security Co is in charge of technical support of the certificates. In the future, the company will further coordinate with the Hangzhou government in the development of data industry.

"When cooperating with other companies, we often heard concerns about data security," said Fan Yuan, chairman of DAS-Security Co. "There also existed high costs of data compliance and ambiguity in transaction processes and regulations.

"The certificates will solve those problems and in return promote the data exchange market and build order."

The certificates lower the costs of verification and documentation of data compliance and transactions. They are accessible to supervision departments, which guarantees data security. In the future, the certificates will be developed into a type of software infrastructure in the digital industry.

"The application of certificates will definitely streamline trade processes and produce added value in data agency and analysis services," Fan said.

"Through analyzing big data, companies can understand the market better and then accelerate their research and development of products and technologies, maintaining their own advantages."

Hangzhou launches data exchange in Binjiang
Ti Gong

Industry professionals, officials and researchers took part in the issue of the first "data compliance circulation digital certificate" at the China Data Valley 2023 Hangzhou Summer Summit on August 23.

The Hangzhou Data Exchange and the data certificates are a trial for Hangzhou to implement the 20 key measures of data initiated by central government.

The 20 measures highlight the importance of a modern industrial system led by the digital economy, encouraging provinces and municipalities to enhance science and technology innovation and fully developing the potential of data elements, which is considered "a landmark, overarching and strategic move" to continue deepening China's reform and opening up in the new era.

Dubbed "China's first digital city," Hangzhou serves as the flagship of China's digital economy, with the added value of the digital industries reaching 500 billion yuan (US$68.6 billion) last year, accounting for nearly 27 percent of the gross domestic product.

The China Data Valley was established in February in Binjiang District, where nearly 80 percent of the gross domestic product comes from the digital industry. The district government believes the Data Valley will transform it into a district with the strongest digital economy in Zhejiang Province.

"Ever since establishment, the data valley has given full play to the role of data resources, empowered the real economy, promoted high-quality development, and helped strengthen, improve and expand the digital economy," said Binjiang Party secretary Zhang Dengfeng.

Thus far, the valley has already attracted 75 prominent businesses in the fields of cloud computing, big data, information security, information technology and chip manufacturing, including NetEase, Baidu, Ant Group, IflyTech and Alibaba.

"We hope more and more professionals, talent and enterprises will come to join the data valley, collaboratively boosting the market-based allocation of data and driving the digital economy," Zhang said.

Binjiang District plans to link itself to national and regional digital platforms, pilot offshore data transactions, attract more digital companies, bring together professional service organizations and strengthen digital business. It will also pilot reforms in data intellectual property rights protection, security management and revenue distribution.

Academic Chen Chun said at the summit that data was a key element in production, and that sharing and utilization was the key to empowering data and developing the real economy. China had a vast potential market owing to the tremendous data resources and amplified usage scenarios, he said.

In the future, healthcare, intelligent manufacturing, and cross-border e-commerce sectors were expected to either directly generate profit from data or to be empowered by data from the core.

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