The emergence of data as a primary production factor has paved the way for the development of an entirely new trillion-dollar market. Dubbed the "oil of the new era," data has become central to the digital economy, intricately linked to our daily lives and permeating every facet of economic and social structures.

Recent governmental initiatives, particularly the “Twenty Articles on Data,” aim to accelerate the exploration of public data authorized operations. Public data authorization operations are an essential aspect of building a robust data factor market, serving as a critical link that facilitates the supply and smooth flow of data transactions.

Across the nation, various provinces have begun to incorporate data factor development into their future plans. Some regions are even witnessing the emergence of a structured ecosystem comprising “data bureaus,” “data groups,” “transaction centers,” and “data industrial parks.” This indicates a profound recognition of data’s capacity to drive economic growth and innovation.

However, a pressing question arises: what are the differences between data factors and traditional production factors? Additionally, how can the security and effective use of public data be assured? Addressing these queries is vital as the market continues to evolve.

The Trillion-Dollar Market

When the company founded by Wu Huicai, the CEO of Shenzhen Shuxin Technology Co., Ltd., first launched, it experienced losses. Nevertheless, Wu exudes confidence in the data factor market, predicting that the company's revenue will surpass 10 million yuan this year, and by 2025, it could potentially exceed 50 million yuan. He attributes this optimism to the recognition of data factors as vital production elements.

“As more businesses acknowledge the significance of data factors in economic development, we are receiving an influx of calls and emails expressing interest in collaborations,” he elaborated. Shuxin Technology specializes in creating data spaces to support companies that handle private domain data, identifying itself only as a small player in the burgeoning data factor landscape.

Similarly optimistic, Shenzhen Data Brokerage Co., Ltd. has set its sights on data transactions. Chief Strategy Officer Liang Chaojie highlighted the company’s role in providing an ecosystem akin to brokerage firms for data exchanges. Through strategic partnerships with the Shenzhen Data Exchange, they are developing innovative initiatives, such as nationwide training for data traders, aiming to construct an extensive ecosystem encompassing exchanges, businesses, and people.

A variety of challenges await this emerging sector. Expert Ding Zheng'an noted that although the data factor market is potentially massive, it remains in its early developmental phase. He emphasized the importance of exploring data assetization and capitalization pathways while providing room for experimentation in risk management, as the industry gradually establishes safer practices and robust frameworks for participation.

Indeed, government entities are not merely observers in this landscape. The Futian District of Shenzhen has positioned itself as a trailblazer by becoming the first region to implement a district-level management approach to public data authorization operations. The district has achieved substantial progress in various areas, including regulatory frameworks and data application scenarios.

Lo Gengbiao, Secretary of the Party Committee and Director of the Futian District Administration of Government Affairs and Data Management, explained the significant proportion public data holds within the data factor realm. The district’s efforts are firmly focused on determining how to securely include public data in transaction platforms through practical case studies.

The regulatory framework established includes nine chapters comprising 42 articles, systematically laying out the work processes for public data authorized operations. This comprehensive structure aims to ensure all activities remain organized, legal, and compliant while setting a strong foundation for the operationalization of public data.

Additionally, Futian District has developed the first privacy computing platform in Guangdong Province, based on trust innovation architecture, which allows for secure calculations where original data remains within its domain. This platform facilitates efficient data circulation and application while preserving data privacy and security. Such innovations are vital in fostering a conducive environment for the healthy advancement of the data factor market.

Expanding Applications Across Multiple Fields

Despite some early adopters having already stepped into the arena and reaped market benefits, many individuals remain unfamiliar with the concept of data factors. Questions linger regarding data valuation, its trading processes, and whether ordinary data-centric enterprises can leverage data trading platforms for transactions.

Data factors have profound implications on various aspects of our lives. They are increasingly integrated into many sectors, including financial services, governmental operations, and transportation. For instance, in the finance sector, data factors are used for credit risk assessment and precision marketing. In public services, they optimize service delivery, and in transportation, they minimize risks associated with operational vehicles.

These applications exemplify how data factors can drive digital transformation and innovative development, creating powerful models for other sectors to follow. The successful integration of data factors into the healthcare and insurance fields has firmly placed Futian District as a pioneer.

The “Data Factor × Health Operations Service” initiative in Futian marks Guangdong’s first data product rooted in public data authorization operations related to medical insurance claims. This innovation addresses the cumbersome processes often associated with commercial insurance claims, thereby significantly streamlining procedures and enhancing patients' experiences. With features allowing for one-click claims via a mobile app, this innovation has already benefitted over 3 million patients and 140,000 hospital stay claims.

Beyond the healthcare industry, data factors have seen a multitude of developments across various sectors. Futian District has made strides in deeply integrating public data with social needs, offering tailored public data products and services. The establishment of the Futian Public Data Authorization Operations Service Platform reflects a vital execution vehicle for this strategy, with numerous financial innovation data products rolled out to support financial institutions.

As of now, public data products in Futian have successfully catered to over 95,462 service instances, with nearly 18,991 instances recorded within a month, showcasing robust growth trajectories. Furthermore, after the district's public data innovation products were integrated into the Shenzhen Data Exchange, broader utilization and development of public data resources became possible. These products provide essential references and decision-making support for financial institutions, catalyzing growth and innovation across industries.

The market-driven operation of public data resources through the Shenzhen Data Exchange is set to enhance data fluidity and value transference efficiency, offering high-quality services to even more enterprises and organizations. This innovative collaborative model will not only unveil new opportunities for data brokers and ecological partners but also enrich the sources and application scenarios of data for businesses, infusing the data factor market in Shenzhen and globally with vibrant innovation potential.