Beijing International Big Data Exchange Inaugurated, Marking a Milestone in the Open Development of Beijing’s Digital Economy

Source:Organizing_Committee    |      Date:2021-04-07

  On March 31, 2021, the inauguration ceremony of the Beijing International Big Data Exchange was held in Beijing. As a data exchange for new forms of transactions based on “data invisible for security, available for controllable and quantifiable use”, the exchange will strive to be a leading foundation infrastructure for data transactions and a key international hub for cross-border data flows.

  Beijing Financial Holdings Group led the launch of the exchange, which will be run by Beijing International Big Data Exchange Co., Ltd. established earlier in March. The exchange, where transactions will revolve around the value of data, will explore distinctive models, rules and ecosystems on the basis of promoting underlying technology innovation in an endeavor to develop into a new model for data transactions nationwide.

  The Beijing data transaction system was also launched at the ceremony. The full-chain transaction service system using blockchain and security computing technology will offer a suite of services for market entities, including data cleaning, matchmaking, legal consulting, data evaluation and ownership certification. In addition, Beijing Financial Holdings Group, together with 48 organizations, established the Beijing International Data Transaction Alliance as an integral part of the transaction ecosystem of the exchange. The exchange also released the Beijing Data Transaction Service Guideline, which encompasses specifications on data transaction services such as the framework, approaches, mechanisms and security.

  The establishment of the exchange marks a new step Beijing has taken in the open development of its digital economy, holding great significance for Beijing’s endeavor to build itself into an internationally exemplary city in digital economy.

  The 2020 China International Fair for Trade in Services (CIFTIS), themed “Global Services, Shared Prosperity”, was held in Beijing from September 4 to 9, 2020. In his speech delivered at the Global Trade in Services Summit of CIFTIS 2020, President Xi Jinping brought forward three thoughts and suggestions. Among them, he underscored the need to adapt to the trend towards digital-driven, Internet-based and smart growth, jointly eliminate the “digital divide”, and advance digitalization of trade in services. He said that China will work with other countries to enhance macro policy coordination, accelerate international cooperation in the digital sector, step up intellectual property protection, and facilitate the vibrant growth of the digital economy and sharing economy. Such efforts will generate renewed dynamism for the world economy.

  At the 2020 Summit Forum on Trends and Latest Developments of Digital Trade held during the Fair, Xiao Yaqing, Secretary of the Party Leadership Group and Minister of Industry and Information Technology, addressed that at present, data has become an important factor of production and a new engine for transforming the quality, efficiency and driving force of economic development. Data flow will drive the flow of technology, capital and talents, and optimize resource allocation, and increase total factor productivity, which will exert a profound impact on economic development, social progress, improvement of people’s livelihood and national governance.

  As noted by Huai Jinpeng, Secretary of the Party Leadership Group, Executive Vice Chairman and First Secretary of the Secretariat of China Association for Science and Technology, digital trade is a symbol of the digital era, a mark of technological empowerment, and represents the direction of future trade development Describing global trust and cooperation as the cornerstone of digital trade, he called for joined efforts to build a digital governance system, promote coordination of digital trade rules at multilateral and regional levels, and strengthen organizational and institutional innovation in such fields as privacy protection, data security, data right confirmation, digital taxation and data-based rule of law so as to share the fruits of digital trade.

  Ji Lin, Chairman and Secretary of the Party Leadership Group of Beijing Municipal Committee of the Chinese People’s Political Consultative Conference (CPPCC), stated that as a national science and technology innovation center, in recent years, Beijing has taken the development of digital economy and digital trade as a strategic choice to promote the city’s high-quality development, and actively cultivated new strengths for participating in international cooperation and competition under the new situation. Looking into the future, Beijing will accelerate the development of demonstration zones for high-quality digital trade, and build a digital trade pilot zones based on the National Digital Service Export Base of Zhongguancun Software Park, the Jinzhan International Cooperation Service Zone, and the China (Hebei) Pilot Free Trade Zone Daxing Airport Area. It will fully promote the application of blockchain, artificial intelligence and big data technologies to enable production and trading, and cultivate a number of leading and unicorn enterprises in digital economy with global influence and market leadership, so as to build a sustained and stable, open and prosperous global digital trading system.