China Financial and Economic News:

Data assets have become important strategic resources for promoting the development of the digital economy. We have also noticed that the MOF recently issued the Guidelines on Strengthening Data Asset Management. What are the considerations of the MOF regarding strengthening the management of data assets and promoting the development of the digital economy? Thank you.

Hou Junming:

Thank you for your concern for and attention to data asset management. As you mentioned, data assets have become important strategic resources for promoting the development of the digital economy. Therefore, it is crucial to emphasize and strengthen data asset management. In recent years, China has emerged as one of the fastest-growing countries in the global digital economy. By the end of 2022, China's digital economy had reached 50.2 trillion yuan, accounting for 41.5% of the country's GDP. General Secretary Xi Jinping has pointed out that the development of the digital economy holds great significance and represents a strategic choice to seize new opportunities in the new round of scientific and technological revolution and industrial transformation. The CPC Central Committee has made a series of decisions and deployments regarding the development of the digital economy, clearly putting forward the requirements for data asset compliance, standardization, and appreciation.

Compared with traditional assets, data, as a new type of asset, is replicable and non-excludable. These characteristics impose higher requirements on data asset management. The MOF has actively implemented the decisions and deployments of the CPC Central Committee and successively formulated and issued the Interim Provisions on Accounting Treatment of Enterprise Data Resources and the Guidelines on Data Asset Evaluation. Recently, the MOF also issued the Guidelines on Strengthening Data Asset Management, making clear provisions on the development and utilization, value evaluation, income distribution, and information disclosure of data assets. All these efforts aim to promote compliant and efficient circulation and use of data assets, unlock the full value of data assets, and enhance total factor productivity.

Next, we will focus on the following three areas:

First, we will strengthen the full-process management of data assets. We will standardize data asset registration, storage, use, disclosure, and disposal. By establishing a clear and complete management framework for data assets, we will promote data resources as assets in an orderly manner and better leverage their economic and social value.

Second, we will advance the development and utilization of data assets. We will encourage the effective supply of public data assets in accordance with laws and regulations, increase the release or disclosure of data asset information, and improve the transparency of data asset flow. We will support diversified development and utilization models in data-rich industries such as finance, transportation, healthcare, and energy. Furthermore, we will establish a reasonable income distribution mechanism to fully incentivize all participants.

Third, we will ensure the compliant and safe utilization of data assets. We will strengthen the monitoring and supervision of data assets, harness advanced technologies effectively, and rigorously mitigate management risks such as data leakage, damage, and loss. At the same time, reasonable procedures will be set up in data asset evaluation, transactions, and related processes to prevent the inflation of data asset value. 

Through these efforts, we aim to standardize and fortify data asset management, further stimulate the development of the digital economy, and facilitate equitable access to the dividends of the digital economy for all. Thank you.