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Western China Data Exchange Unveiled in Chongqing

By RAN ZHENG|Feb 08,2024

Chongqing- Chongqing's Changshou District marked the commencement of the Chongqing Data Factor Industry Cluster on February 5 and witnessed the unveiling of the Western China Data Exchange (Changshou). 

Chongqing Changshou Manufacturing Digital Transformation Center. (Photo/Changshou District)

Key agreements were signed among notable entities, including the Shenzhen Data Exchange, Changshou District Big Data Development Bureau, Western China Data Exchange, digital entrepreneurs, asset evaluation, accounting, and law firms. These agreements signify a collective effort to strengthen the Chongqing data industry cluster.

Chongqing's Changshou District marked the commencement of the Chongqing Data Factor Industry Cluster on February 5, 2024. (Photo/Changshou District)

Zhang Can, Director of Changshou District Big Data Development Bureau, highlighted the district's ambitious plans to foster the digital economy. Initiatives include establishing a national industrial data center, propelling the digital overhaul of the manufacturing sector, and creating an "industrial brain" and "future factories." 

Zhang added that leveraging local and national resources, Changshou District aims to set up a special data association zone at the Western China Data Exchange in collaboration with industry giants like Hsmap, a top player in China's industrial intelligence and big data sector, and Geely Automobile.

Changshou District will deepen cooperation with the State Information Center, prioritizing new digital infrastructures and smart city projects. Collaboration with Shenzhen Data Exchange will enhance data assetization efforts, establishing service workstations to foster the data trading ecosystem and facilitate data exchange.

Changshou District, nestled east of Chongqing's central urban area and spanning the Yangtze River, serves as a crucial land transport hub and a vital port in the Yangtze River's upper reaches. It is home to influential international and domestic enterprises like BASF and Sinopec Sichuan Vinylon Works, fostering robust industry clusters in steel metallurgy, chemicals and pharmaceuticals, new materials, and energy. The district was approved as a new materials industry base at the Europe Chongqing Center, with its new materials industry output value constituting one-quarter of Chongqing's total.

The Ministry of Finance's introduction of the Interim Provisions on Accounting Treatment of Enterprise Data Resources in August 2023, effective from January 2024, signifies a crucial step towards formalizing data assets in enterprise valuation. This national policy underscores the growing emphasis on managing and capitalizing on data resources.

China's data exchange landscape is rapidly expanding, with over 53 data exchange organizations established by August 2023, facilitating the trade of thousands of data products. The burgeoning data trading market is expected to exceed 220 billion yuan (USD 30.9 billion) by 2025, reflecting the vast potential of data as a tradable asset.


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