Charting a Path to Unleash the Value of Public Data
By Lv Zhengying, Senior Research Fellow at Shanghai Data Exchange
Since the rollout of the “20 Key Measures to Build Basic Systems for Data,” the market for data elements has rapidly advanced in areas such as infrastructure development, transaction circulation systems, and the exploitation of public data. Current research and practices on public data are primarily focused on its openness and authorized operations. However, a clear path for value realization has yet to emerge. Asset utilization is the core catalyst and advanced form for the release of value from data elements. Exploring and establishing a path to unlock the value of public data is instrumental in leveraging the role of data elements as a new-quality productive force in propelling the high-quality development of the economy and society.
The development and utilization of public data, exemplified by authorized operations, have been extensively implemented. The mechanism for the formation of public data prices has been identified by the Development and Reform Commission as one of the key reform areas for the future. The Shanghai Data Exchange has released the latest research findings titled “Research on the Pricing Mechanism for Authorized Operation of Public Data—An Analysis Based on the CSR Model.” This research has developed a pricing model grounded in cost, regulation, and context, offering theoretical insights into the pricing of public data.
From a policy standpoint, the “20 Key Measures” explicitly state that the distribution of benefits from data elements should adhere to the principle of “those who invest, contribute, and benefit.” In terms of industrial practice, the development and utilization of public data within regions involve a range of stakeholders, including public service departments, authorized operating entities, product development organizations, and transaction circulation bodies. National ministries and local governments are actively exploring the development and utilization of public data through authorized operations and other methods. The overall industrial practice reflects a complex, grid-like development trend with multiple stakeholders, both horizontally and vertically integrated, leading to more intricate issues of benefit distribution. From an academic perspective, the Shapley value from cooperative game theory is seen as the key to resolving the challenges of benefit distribution in the data element market. A team led by Lin Changle from Tsinghua University has conducted exploratory research in this area, constructing a graph model based on cooperative game theory.
Liu Liehong, Director of the National Data Bureau, has highlighted in his writings that data is a crucial foundation for the development of new-quality productive forces. The level of utilization of data resources directly impacts the efficiency of traditional factor allocation, including land, labor, capital, and technology, and directly influences the level of productive force development. Therefore, in conjunction with the “Data Element ×” three-year action plan (2024-2026) issued jointly by the National Data Bureau and 16 ministries and commissions, studying the transformation path of data elements into new-quality productive forces holds significant policy relevance and practical guidance for the industry. In this regard, Liu Taoxiong from Tsinghua University has conducted preliminary explorations. His research, based on statistics collected from 2011-2019, indicates that an increase of 1% in data capital can potentially drive GDP growth by approximately 0.19%. As data ascends to the status of a production factor, it is anticipated that the role of data elements as new-quality productive forces will become even more pronounced, necessitating further research and validation by the academic community.
Published on May 30, 2024