Expert Perspectives | Data-driven growth: Realize the "data element X" effect and build a data-centric digital economic system

Recently, the National Data Administration and 17 other departments jointly issued the "Data Elements" document ×” The Three Year Action Plan (2024-2026) (hereinafter referred to as the "Action Plan") aims to promote the high-level application of data elements, with a focus on promoting collaborative optimization, reuse and efficiency enhancement, and integration and innovation of data elements. It strengthens the traction of scenario demand, drives high-quality supply and compliant and efficient circulation of data elements, cultivates new industries, models, and driving forces. Giving play to the multiplier effect of data elements will provide strong support for promoting high-quality development and promoting Chinese path to modernization.

The action plan proposes to launch key actions in 12 industries and fields, including industrial manufacturing, modern agriculture, commercial circulation, transportation, financial services, technological innovation, cultural tourism, medical health, emergency management meteorological services, urban governance, and green and low-carbon. We aim to demonstrate the multiplier effect of data elements in the field of economic development by 2026, create more than 300 typical application scenarios, and adhere to value orientation as the premise, Boost the deep integration of data elements with the economy and society.

According to the "China Urban Digital Economy Development Report (2023)" released by the China Academy of Information and Communications Technology, the current scale of China's digital economy exceeds 50 trillion yuan, ranking second in the world in total, and accounting for 41.5% of GDP. With the increasing value of data elements, China's digital industry is developing to a higher level, including data elements, future industries, and digital industry clusters Digital government is becoming a key area for the future development of urban digital economy.

As a new type of production factor, data has rapidly affected various links such as production, consumption, circulation, distribution, and social service management in recent years, profoundly changing people's production, lifestyle, and social governance methods. It has become a crucial engine for promoting high-quality economic and social development, and is also the core key to new productive forces. Due to its unique characteristics of low marginal cost, strong penetration, and integration, data elements promote the continuous optimization and upgrading of production tools and equipment, production methods, and resource allocation methods, and promote the continuous innovation of material productivity.

To achieve effective integration of different types of data based on specific business needs

Implement "data elements" ×” Action plans, especially the effective integration of different types of data based on specific business needs, have significant and positive implications for promoting high-quality development. This integration method not only promotes the efficient utilization of data resources, but also enhances the application value of data in actual business, thereby providing strong data support and intelligent driving for economic and social development.

Optimize resource allocation

The integration of different types of data can significantly enhance the comprehensive value of the data. Through cross domain and cross industry data fusion, deeper business insights can be excavated, promoting the emergence of innovative thinking and solutions, which is crucial for promoting technological innovation and industrial upgrading.

Data integration based on specific business needs helps optimize resource allocation. Through precise analysis and efficient utilization of data, enterprises and institutions can better understand market demand, improve production efficiency, and achieve rational allocation and efficient utilization of resources

Promote data security and compliance

With the increasing number of data types and the complexity of application scenarios, data security and privacy protection have become important issues. Effectively integrating different types of data, while ensuring data security and compliance, can better leverage the role of data in promoting socio-economic development.

In "Data Elements" ×” Driven by the action plan, the fintech field is not only synonymous with technological innovation, but also a key force in promoting economic development, improving the quality of financial services, and achieving financial inclusiveness. It is expected to continue to play an increasingly important role in the global economy.

Strengthen the level of data supply and fully realize the government's regulatory and guiding role in the market

By improving the level of data supply, the government can ensure the widespread availability and high quality of data resources. This not only involves the openness and sharing of public data, but also includes promoting data standardization and interoperability across various industries, thereby providing richer and more accurate data resources for enterprises and individuals, supporting innovation and decision-making.

The regulatory and guiding role of the government in the market helps to balance market forces, ensure fair competition, and ensure the compliance and security of data utilization. By formulating reasonable policies and regulations, the government can promote the efficiency and transparency of data circulation, while preventing data abuse and privacy infringement, and protecting the rights and interests of consumers and businesses.

The guiding role of the government is also reflected in promoting the integration of data resources with other production factors, optimizing economic structure, and upgrading industries. By supporting new data-driven business models and innovative applications, the government can drive the efficient utilization of data throughout society, thereby unleashing the potential value of data across the entire society.

Promote the use of competition and focus on key industries and fields to build professional competition platforms

In "Data Elements" ×” In the action plan, promoting the use of competition and focusing on key industries and fields to build professional competition platforms has significant positive significance, especially in cultivating and motivating data talents. Through professional competitions, enterprises and research institutions can be stimulated to have innovative thinking and technological exploration in data applications, accelerating the application and development of data technology in key industries. This competition mechanism not only promotes the practical application of data technology, but also provides new ideas and methods for solving industry problems. Professional competition platforms play an important role in cultivating and attracting data talents. It provides opportunities for data scientists, engineers, and researchers to showcase and practice their skills, thereby attracting and encouraging more talents to invest in research and applications in data science and related fields. The convergence and competition of such talents not only improve the level of data processing and analysis skills, but also promote the application and development of data science in a wider range of fields.

The competition platform also promotes close cooperation and knowledge transfer between industry, academia, and research. Through competitions, the latest research achievements in academia can be quickly transformed into practical applications, and enterprises can also learn about the cutting-edge data technology and talents through these competitions. This provides an effective way to cultivate and enhance data talents, promote cross-border cooperation and innovation, and has a profound impact on the development of the entire digital economy.