Exploration of pathway of municipal data element market construction: experience and insight from Wuxi's innovative practice

Wuxi, located at the geometric center of the Yangtze River Delta, has been historically known for its role as a dock for rice, cloth, silk, and finance. The "1+8+X" model for constructing data element markets was developed by Wuxi, leveraging its unique resource endowments, industrial strengths, and historical experience with docks. This model was designed to establish a "Chinese Digital Dock", which was characterized by significant advantages in high marketization, robust security protections, and low circulation costs, collectively known as "two highs and one low". The initiative was aimed at attracting both domestic and international data for storage, processing, circulation, and trade within Wuxi. Common challenges in the domestic market, such as the lack of standardized data market regulations, suboptimal data supply, poor platform interoperability, and insufficient industrial carriers, were overcome through Wuxi's efforts. Positive progress and results were achieved. These experience provide valuable insights for other large and medium-sized cities seeking to establish their own data element markets.