Beijing Unveils Plan for International Big Data Exchange as Part of Digital Economy Ambitions

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The Beijing municipal government has issued a slew of ambitious new plans to advance the development of the regional digital economy.

On 7 September the Beijing municipal government officially issued several plans in relation to the development of its digital economy, including:

  • The Beijing Municipal Action Framework for Expediting the Innovative Development of the Digital Economy (2020 – 2022) (北京市促进数字经济创新发展行动纲要(2020-2022年));
  • The Beijing Municipal Implementation Plan in Relation to the Creation of a Digital Transaction Pilot Zone (北京市关于打造数字贸易试验区的实施方案);
  • The Work Implementation Plan for the Establishment of the Beijing International Big Data Exchange (北京国际大数据交易所设立工作实施方案).

“The Plan for the Establishment of the Beijing International Big Data Exchange” outlines the development of infrastructure for the Beijing International Big Data Exchange, as well as specifies five major functions for it which include serving as:

  1. An authoritative registration platform for data;
  2. A data exchange platform that is widely approved by the market;
  3. A data operations management services platform that covers full chains;
  4. A financial innovation services platform with data at its core;
  5. A data fintech platform that drives new technology.

The Exchange will integrate data resources and standardised data transactions to guide the use of data as a factor of production.

The “Beijing Municipal Action Framework for Expediting the Innovative Development of the Digital Economy” calls for the “systemised establishment of digital economy development systems and mechanisms,” with an especial focus on “Six Directions” that include:

  • The development of infrastructure,
  • The industrialisation of digital,
  • The digitisation of industry,
  • Digitised regulation,
  • Digital “valueisation,”
  • Digital transaction development.

Beijing forecasts that by 2022 the value-added of its digital economy will account for a 55% share of regional GDP, transforming the Chinese capital into a leading region for global digital economic development.

The “Beijing Municipal Implementation Plan in Relation to the Creation of a Digital Transaction Pilot Zone” calls for the creation of a “digital transaction pilot zone” to achieve “secure, orderly cross-border flows of data.”

It outlines five major missions in particular including:

  1. The creation of a “three-in-one” digital economy and digital transaction open environment, comprised of i) the Zhongguancun Software Park State Digital Services Export Base (中关村软件园国家数字服务出口基地); ii) the Chaoyang Jinzhan International Cooperative Services Zone (朝阳金盏国际合作服务区); iii) Free Trade Zone Daxing Airport District (自贸区大兴机场片区);
  2. Exploring development paths for secure and orderly cross-border data flows within pilot zones;
  3. Driving policy innovation in key areas of digital trade such as cross-border data flows;
  4. Creating an open and innovative, accommodating and inclusive digital economic and digital trade commercial environment;
  5. Establishing an open and cooperative pilot zone.

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