Pioneering data exchange in SW China reports surge in transactions, expands nationwide

At the Guiyang Big Data Exchange in southwest China's Guizhou Province, a large LED screen displays real-time transaction volumes and new trading entities.

Photo shows an exhibition hall at the Guiyang Big Data Exchange in Guiyang, capital of southwest China's Guizhou Province. (People's Daily Online/Wang Yan)

The exchange, the first of its kind in China, was established in 2015 and upgraded in 2021. It has led efforts to develop a nationwide data market, according to local officials. In recent years, the exchange has developed what it calls a safe and efficient data circulation transaction model.

In May 2022, the exchange introduced China's first data trading rule system. This system covers various aspects, including circulation and trading rules, compliance review, safety assessment, cost and price assessments, asset value assessment, platform operation management, and data merchant access.

The exchange also launched what it calls the country's first data product trading price calculator, offering a price range for data products. This was done under the guidance of the National Development and Reform Commission's Price Monitoring Center.

Photo shows the Guiyang Big Data Exchange in Guiyang, capital of southwest China's Guizhou Province. (People's Daily Online/Wang Yan)

The exchange has established 13 data zones covering sectors including meteorology, electricity, telecommunications, hydrology, mobile data, rural revitalization, transportation, geographic information and government services.

As of Aug. 22, 2024, the exchange reported attracting 1,466 trading entities, with cumulative transactions reaching 5.3 billion yuan ($746 million). In 2024 alone, new transactions have totaled 2.9 billion yuan, surpassing the previous year's growth, according to exchange data.

Photo shows an interior view of the Guiyang Big Data Exchange in Guiyang, capital of southwest China's Guizhou Province. (People's Daily Online/Wang Yan)

The exchange has also set up service bases for data trading in south China’s Hainan Province, the cities of Chengdu, Wenzhou and Xiamen, as well as nine cities and prefectures in Guizhou Province.