It's a brand new market of Data Trading. Shanghai Data Exchange, as a key functional institution to promote the circulation of data factor, to release digital dividend and promote digital economic development, has made fruitful exploration in terms of data rights, data product resgitration, compliance assessment model of data products, data product specification for consumers, data trading arbitration and etc.

As of this date of the submission of 2022, Shanghai Data Exchange is still at the pilot run stage. SDE has made lots of achievements in data trading standards, regulations, guidance and methords. The niDts data trading system of SDE is now available for data products providers, consumers and thrid-party service providers, which has already provided efficient, convenient, compliant and secure data trading services, meanwhile steering diversified entities of data ecosystem to enrich data supply, and cultivating new business forms of data service providers. In addition, SDE keeps optimizing the systems, service models and exploring the new frontiers related to data, incuding digital assets, metaverse.

It is a giant project to build and develop Shanghai Data Exchange, and promote the advancement of data factor market. It involves multiple parties including government agencies, companies, research institutes, think tanks and the like. Data Factor Market is a new market, which represents the future of the economy and society. multiple parties join this course as it is so important in China to release the value of data via circulation and trading.

Data exists everywhere and everything in the digital era demands data. The value of data lies on social supply, application, data fusion of multiple source, etc. With the development of data factor market, companies are able to gain different sources of data to do analysis, to empower their business, to find new business tracks. Government agencies are able to lift the digital abilities and find new forms of governance. and the life of people shall become easier with smart use of data.

The result is that more companies espeically the traditional companies are willing to do data governance, organize data products to trade, and explore more using scenes of data. The issues of data compliance, data value assessment, data security, data application, data governance and the like are all under research, and some of them are solved. Governments are also more willing to explore new possibilities to trade public data for social supply.

Challenges are also popping up amid the development of the data factor market. data rights classification and verification, data product pricing, data assetization are major challenges at present. Experts are woking on the research of these challenges, and market-side practices are also prividing new angles to tackle these issues. Laws, policies and regulations, best case of data appliction are all highly demanded in the development process of data factor market.

• Polices and rules are very important to be in place. Data is so important as it even influences the national security and personal privacy.
• Polices related to the rights definition and verification of data determine how far and how fast data circulation course can develop.

This kind of innovation can be replicated by many countries and even for cross-border data circulation and global data factor markets. Standards, guidance, technologies, applications scenes, polices and rules, systems, business models shall be very useful in the future industries which we may not know.

• Course for the public good in new ere needs exploration, bravery and widom. We have to think, but we also have to act accurately and timely.
• A great course requires efforts from different angles together, and it shall be realized as long as it for economic and social development.
• We make mistakes in new explorations, which is OK, as it is new, and exploration as long as we make progress, big or small, continuously in the process.