China to boost financing support for data development, utilization

BEIJING - China will increase fiscal support for the data industry by tapping into the central government's budget and ultra-long special treasury bonds to improve the management, development, utilization and security of data resources, an official said on Thursday.

Chen Ronghui, deputy head of the National Data Administration, said at a press conference that China encourages financial institutions to innovate products and services to provide financing for data companies. In addition, private capital is being promoted to participate in the development of public data resources to foster industry growth.

China unveiled a set of guidelines on Wednesday aimed at accelerating the development and utilization of public data resources to support the digital economy and help build new competitive advantages for the country.

By 2025, China expects to see significant progress in the development and utilization of public data resources across key industries and regions. By 2030, public data is anticipated to play a key role in empowering the real economy, expanding consumer demand and improving governance capacity, according to the guidelines.

The guidelines also emphasize the need for data to be made available in an orderly manner in accordance with the law and regulations, while ensuring national data security and the protection of personal information and business secrets.