China to expand application scenarios for data elements

China plans to expand the application scenarios of data elements dramatically by the end of 2026, with the annual growth rate of the data industry expected to surpass 20 percent and double the scale of data transactions, according to a draft regulation published by the National Data Administration on Friday night.

The country will create more than 300 typical application scenarios for data elements, nurture a batch of data merchants with strong innovation capacities and large market influence, and professional third-party service organizations, the administration said.

The move is to activate the potential of data elements and give full play to the multiplier effect of data, to foster new growth drivers and promote high-quality economic development, it added. The authority is asking for public opinion on the guideline through Dec 22.

The draft regulation said more efforts will be made to bolster the integration of data in various sectors, including smart manufacturing, trade circulation, transportation, financial services, technological innovation, culture and tourism, and healthcare to nurture new industries and novel business models.

It also called for more push to improve the level of data supply, optimize the data circulation environment and strengthen data security.