The Beijing International Big Data Exchange,
set up in the capital city on Wednesday with a registered capital of 200 million yuan ($30.46 million),
is expected to play a key role in China’s digital economy promotion efforts and facilitate more data-based transactions in the country.
Established by Beijing Financial Holdings Group and government agencies like the Beijing Municipal Bureau of Economy and Information Technology,
the exchange will become critical infrastructure for data security, data operations and cross-border data transactions.
“It will play an important role in cultivating a sound data exchange market to unleash the value of data and drive digital economy.
It will be first applied in Beijing, Tianjin, and Hebei province and expanded nationwide and globally later,” said Yin Yong, vice-mayor of Beijing.
which will offer a series of services including data cleaning and data evaluation.
Fan Wenzhong, Party secretary and chairman of Beijing Financial Holdings Group, said:
“The new exchange will strive to make the purchase and use of data more standardized and safer.”