Photo: VCG

Shenzhen in South China's Guangdong Province on Thursday released trial data exchange management regulations at the city level, in what experts called a pioneering move to standardize the data exchange mechanism, create a sound market environment and fuel China's digital development.

The regulations, which came into effect on Wednesday, require the data exchange transition log to be kept safely for no less than 30 years. There are also clear provisions for data exchange, data security and the operation of data exchanges, according to the document issued by the Shenzhen Municipal Development and Reform Commission.

Among the key takeaways in the 35-point rules, the data seller and data provider shall strengthen data quality, data security and conduct compliance management to ensure the authenticity of data and the legitimacy of the source.

It also requires data buyers to use the data in compliance with the purpose, scenario and manner stated in the transaction declaration.

The rules also have a special chapter for "data exchange security," requiring data exchange institutions to strengthen infrastructure construction to ensure safe data circulation and build on their emergency treatment capacity against data leak, theft and attacks. Key equipment involved in the data exchange process should be independent and controllable, according to the rules.

The rules have further standardized China's data exchange mechanism and will allow data to play its role as an important market factor, Wang Peng, a research fellow with the Beijing Academy of Social Sciences, told the Global Times on Thursday.

"Data exchange is not only an important part of the digital economy, but also a very important foundation for the digital transformation of the future digital Chinese economy and society," Wang noted.

The Communist Party of China (CPC) Central Committee and the State Council unveiled guidelines for digital development in the world's second-largest economy on Monday, unfolding the blueprint and timeline for construction of a "digital China" through strengthening 5G and computing.

The development design from the top is both comprehensive and timely, while giving a clear direction for the nation's digital transformation in the years to come - a grand mission that will be embedded into all walks of life in the country.

After the introduction of rules and regulations in Shenzhen, the reform of the data factor market will accelerate and more cities will form similar regulations in a push to strengthen China's data market, making it more safe and standardized, Wang said.

The digital economy has become an important cornerstone of China's stable economic development.

The value of China's digital economy reached 45.5 trillion yuan ($6.3 trillion) in 2021, accounting for 39.8 percent of the country's GDP, according to a report released by the Chinese Academy of Cyberspace Studies.