BEIJING — China is set to enhance fiscal support for its data industry through the central government’s budget and ultra-long special treasury bonds, aimed at improving the management, development, utilization, and security of data resources. This announcement was made by Chen Ronghui, deputy head of the National Data Administration, during a press conference on Thursday.
Chen highlighted the government’s encouragement for financial institutions to innovate in products and services that will provide financing for data companies. Additionally, the initiative promotes private investment in public data resource development to stimulate industry growth.
This strategy follows the recent release of guidelines designed to accelerate the development and utilization of public data resources, which are crucial for supporting the digital economy and enhancing China’s competitive edge. The guidelines set ambitious targets, anticipating significant progress in public data resource development by 2025 and a transformative role for public data in empowering the real economy, expanding consumer demand, and improving governance by 2030.
The guidelines also stress the importance of lawful and orderly data availability, prioritizing national data security and the protection of personal information and business secrets.