Framework and Pathway for the Construction of a Unified Data-Element Market in China

The digital economy has become a prevailing trend in contemporary development. Establishing a national unified data-element market is crucial for advancing the digital economy and accelerating the formation of a new development pattern. This study explores the concept and implications of a unified data-element market. Considering the current status of the data-element market, this study summarizes the challenges faced in building such a market in China, including issues related to the institutional system, infrastructure, technical services, and market standards. A multi-layered data-element market structure is constructed, and a targeted framework for China's unified data-element market is proposed, along with key points for building a market ecosystem, transaction platforms, and support systems. Moreover, the study proposes a "two-stage, four-step" development path, emphasizing the high-quality supply and secure storage management of data elements during the market infrastructure construction stage, as well as the efficient trading circulation and practical application performance during the scenario-driven service stage. Furthermore, it is recommended to increase policy support, strengthen infrastructure construction, standardize data norms, break down data barriers, and foster a favorable ecosystem to expedite the establishment of a healthy, stable, and efficient data market, thereby promoting the high-quality development of the digital economy.