Block-buster plan to leverage data to drive real economy

The National Data Administration and 17 other departments have jointly issued a three-year action plan on improving the high-level application of data elements so that they can play a bigger role in boosting cross-sector innovation.

In 2022, the scale of China's digital economy reached 50.2 trillion yuan ($7.03 trillion), accounting for 41.5 percent of its GDP. The digital economy is a focus of major country competition. The United States tries to control the formulation of international rules for the digital trade. The competition between countries on key issues such as cross-border digital taxation, digital privacy protection, cross-border data flows, intellectual property rights and digital algorithms has become intense.

As a key element, data enters the production, circulation, exchange and consumption. In this process, modern digital technology has enabled an unprecedented increase in information density, which has promoted a deep reshaping of the original organizational structure.