On March 31, the Beijing International Big Data Exchange was established in Beijing, with the platform for data transactions launched thanks to the strong support of the People's Government of Beijing Municipality. The establishment of this platform will help further implement the spirit of the 5th Plenary Session of the 19th CPC Central Committee, improve the market-oriented allocation of data elements, and further develop the digital economy. In doing all of this, the platform will facilitate the construction of the "Two Zones".

This is the first domestic data exchange platform dealing in new forms of transactions in which the use of the invisible can be controlled and measured. It has been placed to act as a leading foundation infrastructure for data transactions and to be a key international hub for cross-border data flows. The establishment of the Beijing International Big Data Exchange signals that Beijing has taken an important step in both opening up and developing its digital economy, and is of great significance in terms of building a global benchmark city in the digital economy. Rooted in Beijing, the Beijing International Big Data Exchange will capitalize on the concentration of technology and data to explore new industries, business patterns, and models of the digital economy while simultaneously using data to enhance data flow in order to boost innovation. This will all be done with individual privacy and information security protection being strict prerequisites.

The Beijing International Big Data Exchange will highlight the "one-aspect innovation and three-pronged characteristics". On the basis of innovation in the underlying technology and with the value of data usage as the basic transaction object, it will explore the models, rules, and ecology with distinct characteristics to create a new model for nationwide data exchange. By using the resources found in the International Business Services Area of the China (Beijing) Pilot Free Trade Zone to its advantage, the Beijing International Big Data Exchange aims to create a data flow mechanism that integrates registration, assessment, sharing, transactions, applications, and services in order to create a leading foundation infrastructure for data transactions, and to be a key international hub for cross-border data flows.

The establishment of the Beijing International Big Data Exchange is part of the larger plan of constructing a modern data hub that connects China with the world, the past with the future, and the data space with the physical world.

(Note: Content source is from Chinanews.com)