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Shanghai Launches Data Exchange

Shanghai Data Exchange (SDE) was unveiled in the city’s Pudong New Area, representing the city’s ambitions to be a role model of data trading amid efforts to build Pudong into a modernisation pioneer area as required by the central authorities.

A total of 20 data products were listed on the exchange, covering eight industries including finance, transportation and communication. Electricity data cover a wide range of industries. Commercial banks can refer to the real-time and precise electricity data to come up with innovative financial products and services for companies.

The establishment of the SDE has made it possible to transform the company’s electricity data into a value-added service. Based on the set of rules set at the exchange, State Grid Shanghai can provide processed data products that meet both data security requirements and buyer demand.

– Xi Zenghui, Deputy Director, Internet Department, State Grid, Shanghai

The trading system used at the exchange is the first of its kind ever launched in China. According to the exchange, no transaction will be conducted if the data purchaser cannot explain the exact scenario in which the data will be used. While only one-on-one transactions are available on the exchange at present, one data product listed on the exchange will be accessible to multiple buyers in the future.

Located in the core area of Zhangjiang High-Tech Park in Pudong, the SDE was established to address the major difficulties in data trading including identification of data ownership, pricing of data, reaching mutual trust between transaction parties, initiating transactions and overall supervision, said local authorities. More importantly, it is part of Pudong’s efforts to address its responsibility as assigned by the central authorities. Among the many steps to achieve that goal, an international data hub and a data exchange should be built in Pudong to establish standards and systems regarding data trading, communication and management.

A total of 100 companies signed agreements with the SDE to secure the compliance and security of data transactions. Third-party law firms and accounting firms have also reached agreements with the exchange to ensure transaction safety.

Data company will be mainly responsible for providing safe and controllable technology services and management systems for data supervisors, users, providers and managers taking part in data transactions via the exchange. Data have become a key medium to activate flows of people, goods, technologies and capital in the information age. High hopes have been laid on the new exchange to explore the “Shanghai mode” for data transactions.

As reported by OpenGov Asia, In China’s 13th Five-Year Plan, one of the goals is to make Shanghai become a science and technology innovation centre with global influence. Recently, Shanghai’s efforts to realise these goals have resulted in a series of achievements.

The city witnessed a series of original sci-tech achievements and participated in multiple major national tasks in the science and technology field. In 2020, papers published by Shanghai scientists in world-leading academic journals accounted for 32% of China’s total. Researchers and scientists from Shanghai also facilitated national-level tasks.

Breakthroughs were made in industries including integrated circuits, biomedicine and Artificial Intelligence (AI). Shanghai retained its position as the most attractive Chinese city favoured by foreign talents for the eighth consecutive year last year, with an increasing appeal to high-level professionals.

The city will strive to become an important source of new scientific discoveries, technological inventions, industrial directions and development concepts by 2025, outlining eight core indicators which include total social R&D expenditure accounting for about 4.5% of the city’s GDP and the number of high-tech enterprises surpassing 26,000.

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