Image source @Visual China
Production factors have always been a trillion-scale market, and this is true for land, labor, capital and technology. In the process of exchange and circulation, production factors have been commercialized and socialized, greatly promoting the development of productivity.
When data becomes the fifth factor of production, we are still exploring the establishment of circulation rules for data elements. In 2021, the State Council issued the "Overall Plan for the Pilot of Comprehensive Reform of Market-oriented Allocation of Factors", and the guiding suggestions put forward largely reflect the current situation of the data trading market.
is the first to improve the open sharing mechanism of public data. Many data transaction participants are "unwilling", "dare not" and "not not", and data is difficult to share; secondly, to establish and improve data circulation and trading rules, and how to break through technical and rule barriers such as "data is available and invisible"; secondly, to expand standardized data development and utilization scenarios, and most of the data collection and utilization cannot be standardized and productized; finally, to strengthen data security protection, which is also the bottom line of data transactions.
At the 2022 Global Digital Value Summit, data trading has become one of the highly-attracted topics. Different roles in the data industry chain gather together to outline the current situation and picture of data trading.
Unlimited data, limited problems
"Father of Big Data" Victor Schönberg once said, "Big data is the source of people's gaining new cognition and creating new value. Big data is also a way to change the market, organizational structure, and the relationship between government and citizens."
In other words, data is reshaping everything, just like the history of the evolution of production factors again and again.
, director and deputy general manager of Shenzhen Data Trading Co., Ltd. (hereinafter referred to as "Shenzhen Digital Exchange"), Wang Guan, mentioned at the meeting that digital economy has risen to a national strategy, and the top-level design is constantly being improved. In this process, data has become a key production factor.
Referring to different stages of economic development, in the agricultural economy, land is a very important means of production and a very important economic component; in the industrial economy, the main production variables become core technologies; in the digital economy stage, data becomes the most core production factor, and cultivating the digital factor market becomes the key.
"Data can promote the transformation of enterprise production relations . Through data governance can help enterprises improve their data management capabilities, promote the digitalization process of enterprises, form high-quality data assets, explore data transactions, and find new production paths for enterprises." Wang Guan said.
At the same time, data elements and other production factors will be continuously combined and iterated. Based on the characteristics of data elements, such as strong replicability, fast iteration speed, high reuse value, and unlimited supply, data and labor, capital, technology, and land are integrated and transformed into new combinations of production factors, giving full play to the multiplier effect of data elements, and empowering the rapid development of the real economy. The value of
data is almost unlimited, but it is still facing limited problems to be solved.
Previously, , Peking University Guanghua School of Management , deputy dean of , Zhou Li'an, said in an interview with the media that data is a new type of production factor emerging in the Internet era, and there are many issues that need to be explored in terms of property rights definition, configuration model, pricing methods, etc.
The process of data factorization and marketization of factors is superimposed, making the process of market-oriented allocation of data factors more complex. In order to standardize market order and stimulate market vitality, the relationship between compliance needs and innovation space should be taken into account, especially considering China's leading position in data-intensive industries such as big data and artificial intelligence . When formulating policies, market entities must be encouraged to carry out various beneficial innovations and explorations under certain conditions.
Tsinghua University Cross Information Research Institute Part-time professor and vice president of Cross Core Institute, Lin Changle, from the perspective of data pricing, said that the previous research on data pricing algorithms focused on both parties A and B, and the roles of both the data provider and the data user are asymmetric, and in this case, they will easily fall into the logical dilemma of asymmetric problems.
will encounter data pricing problems in the cross-application and flow of data elements of different subjects, as well as in the multi-department and multi-source data application of a single subject. If the problem of data pricing cannot be solved, large-scale data application will not be realized, and thus the data economy will not be generated.
From the perspective of the data exchange, Wang Guan also added that over-the-counter data trading is active and developing rapidly, but on-the-counter data trading still lacks vitality. The circulation method of data transactions is relatively single, mainly in the form of data packets and API interfaces. In addition, public data is not activated, and there is still the problem of data island and mutual trust in transactions.
data transactions are in progress
thinking, all questions are questions, and doing is the answer. All aspects of data transactions are constantly improved in practice.
Take the data pricing algorithm as an example. Under the leadership of Academician Yao Qizhi, the Cross-Core Academy creatively proposed a new theory. Through the Information Economics principle, the economic value of the business and the accuracy of the model are mapped and corresponded one by one, and then the scenario of multi-party data collaboration is used to solve it, the accuracy of the model and the contribution of the data are decomposed one by one, and the only fair rights and interests distribution is found.
"This theoretical framework can be applied to various scenarios. There will be internal data, external data, and multi-party data in various scenarios. According to the value of the business, the business value provided by the data can be mapped and measured. According to the value contribution of the data, it can be allocated to each data. This allocation is in line with the first principle and can reach the atomic level." Lin Changle said.
In the industrial chain of data trading, data exchanges play a hub role connecting the past and the future. Driven by the dual wheels of policy and market, data exchanges in various places are emerging, and Shenzhen is ahead with its open concept.
Shenzhen took the lead in releasing the "Shenzhen Special Economic Zone Data Regulations", which is also the first basic and comprehensive legislation in the data field released in the country. The data regulations point out that open sharing of public data is a principle, and no sharing is an exception. Based on the opening of a large amount of public data and the sharing of public data resources, it can give rise to the integration of more public data and social data.
In addition, Shenzhen Stock Exchange has also expanded its capabilities and extended its capabilities along the data trading value chain. Wang Guan mentioned that enterprises have not yet viewed data as an asset, and have not truly realized the value of data. Most enterprises have not yet completely separated data flows and business flows. Enterprises have put data and IT together to manage data and IT, and have not realized that data is actually two completely different logics from IT.
Therefore, when Shenzhen Data Exchange promotes some companies to carry out internal digital transformation of , it first promotes enterprises to understand the value of data, so that enterprises can split data flow, business flow, technology flow and information flow, and finally do the data asset value mining and monetization.
Currently, Shenzhen has introduced 348 trading entities across the country to participate in the market, including 74 data providers, 85 data providers, and 189 data demanders. It is understood that the current focus of Shenzhen Data Exchange is not to increase transaction volume, but to cultivate a market ecology.
The trillion-dollar market with data as the center needs to be cultivated urgently, and data must go through a marketization process. The difference is that data is a brand new production factor, and a single tree cannot make a forest. Only by exploring the industrial ecology of data transactions can we quickly and effectively establish a new data market. (This article was first published in Titanium Media APP Author | Zhang Shuai)
