Shanghai will push more data transactions on the Shanghai Data Exchange to improve efficiency and ensure data security, city officials said.
The city is now home to 1,200 core data business enterprises, with an annual industry output of 338 billion yuan (US$47 billion). It's pushing to develop a data ecosystem with innovations on artificial intelligence and cloud, Vice Mayor Wu Qing said during the Shanghai the Global Data Ecosystem Conference 2022.
The data exchange, founded a year ago, is designed to solve the dilemma faced by all government regulators worldwide – how to improve data usage to boost the economy and build a smart society, while also ensuring data security and a fair and transparent system.
The local exchange has set up special sections for the finance, manufacturing, transportation and digital asset sectors, with 800 listed products and a combined transaction value of 100 million yuan.
For example, Industrial and Commercial Bank of China and Shanghai Electric Power reached a deal which effectively linked the finance and energy industries. Banks are able to easily access data from public utilities and mobile carriers when deciding on loans to businesses, thus reducing their risk exposure.
By 2025, the exchange will have 5,000 listed products, six times compared with the current level, and gradually build an international data trade ecosystem, Wu added.
More Shanghai-based firms have joined the upgraded data ecosystem in the city. And several firms were honored at the first Shanghai data trading festival on Friday night, a part of the conference.
Intsig was one of the feted companies. It has listed two data service products on the exchange based on its Qixinbao platform, which has a database covering 230 million enterprises and 100 billion lines of company information data.
The industrial data on the Qixinbao platform can enable manufacturing and supply chains to increase quality and efficiency through operation data and industry know-how, Chen Qingshan, vice general manager of Intsig, explained.
The company has adopted its data service in 30 industries, including finance, automotive and urban management, covering smart management and optimizing business efficiency.
Currently, only 2 percent of China's data transitions are conducted on exchanges nationwide, while a third will be conducted on exchanges in the near future, experts said.