By: Liu Dian    Source: Economic Daily    Published: 2020-09-04

In the digital economy era, data is replacing Labor and industry have gradually become the basic production factors of human society. The control of Internet sovereignty and data resources has also become the focus of attention of all countries in the international game. While cultivating and constructing data markets, countries around the world are also beginning to try to use macro policies to strengthen the control and regulation capabilities of their own data markets in order to achieve the purpose of protecting data resources and maintaining their own data sovereignty.

In this context, my country also needs to strengthen the effective protection of my country’s network security, data and personal privacy while complying with the development trend of global digital trade. At the same time, we should also increase our attention to the new geopolitical concept of cyberspace, provide protection for the cultivation of the digital market at the institutional level, and escort my country’s data sovereignty.

The determination of data and the value of data are equally emphasized, and the specific mechanism of marketization of domestic data elements is explored. Since the third industrial revolution, computers have been widely used in all aspects of social production. As one of the most important production factors in the information age, data plays a vital role in this new production system. In the production process, data elements can increase labor productivity and increase the amount of use value, thereby achieving more value; it can also speed up the recycling process by shortening production time and circulation time, reducing production costs and circulation costs, and accelerating the recycling process, thereby creating at the same cost And realize more value.

Under the new digital economy system, production factors are no longer limited to labor, capital, land and other factors. With the development of the new generation of Internet and information technology, data enters the economy as a powerful production factor Activities will inevitably have a major impact on the efficiency of resource allocation. This also represents that the human society has entered a new era of information economy after experiencing the age of agricultural economy and industrial economy at the technical level. In the new era, the market-oriented allocation of data elements has gradually become a major national strategy. Therefore, how to build the operating mechanism of the domestic data element market and promote the full play of the role of data elements in the market operation is crucial.

First of all, one of the major problems facing my country’s construction of the data element market is the issue of data right. At present, the concept of data property rights in our country is still relatively vague. However, we know that establishing the awareness of data property rights is crucial to the marketization of data elements. At present, the determination of data property rights is mainly divided into three aspects:who owns the data, who uses the data, and who owns the data revenue. However, these issues are currently controversial in specific business practices. How to create a new type of “ownership” system that is suitable for the era of digital economy based on the existing legal system. While ensuring that some data related to national security belong to the government, open the market of public data to make Enterprises and citizens can participate in the development and utilization of data resources, especially under the premise of protecting personal privacy, maximize the use of data as an important public resource, balance the conflicts of interest of all parties, and respond to changes in production relations. The coming legal theoretical challenges are the core issues that must be solved urgently in the future development of the digital economy.

Secondly, the capitalization of data is an important issue that my country faces in the process of building a data market. Currently, my country’s data resource circulation does not yet have a commercialization and capitalization mechanism as a production factor. Data assetization is the core link to realize the value of data. Only by integrating data with specific businesses can the potential value be realized in guiding the improvement of business efficiency. In fact, the capitalization of data elements also helps to better regulate the domestic data market and promote the standardization of data pricing and the standardization of the data market.

The definition of data property rights is the basis for the effective allocation of data elements. Judging from practical experience, countries in the world have not adopted the model of “clarifying property rights first, and then advancing the capitalization of data”. If the value of the data cannot be reflected, then the stakeholders related to the data will not have the enthusiasm to participate in the determination of the right to negotiate, and it will be more difficult to truly realize the clarity of data property rights.

Therefore, in the construction of the data element market, my country should uphold the strategy of both data verification and capitalization. Further explore the specific mechanism of marketization of data elements from the aspects of regulations and the natural laws of the market, and establish and improve the overall economic cycle system of data acquisition, development and trading.

Fully stimulate the value of data elements and create a new engine driving economic and social development. During the”14th Five-Year Plan” period, my country is constantly deepening economic and social reforms, and has listed technological innovation and core technologies as the driving force of economic development. In this context, my country should strengthen the cultivation of digital markets and the protection of network security, establish and improve a data market system that emphasizes both confirmation and value, so that my country’s data market will become more standardized and mature, so that my country can rely on stability in the international game. The data market of China has taken the development opportunity and advantages, and finally successfully established and improved an effective mechanism for the marketization of digital elements suitable for my country’s national conditions.

In the future, my country should actively participate in the formulation of international regulations related to the cross-border flow of data, further strengthen the institutional construction of my country’s data element market, by incorporating data elements into the market system, giving government data public attributes, and building internal and external The two-way open situation fully taps the value of data elements and makes it a new engine driving economic and social development.

Liu Dian is an assistant research fellow with Chongyang Institute for Financial Studies at Renmin University of China.