CCTV: 

We have noted that this year's government work report highlights the deepening of innovative development in the digital economy. Since the data industry is an important part of this, what measures will the NDA take next to cultivate and expand the data industry? Thank you.

Liu Liehong:

I would like to invite Mr. Zhang to answer your question.

Zhang Wang:

Thank you for your question. Cultivating the data industry is a crucial aspect of the reform of the market-based allocation of data elements. It is also an important link in nurturing the digital economy and developing new quality productive forces. Many people are concerned about what the data industry entails and what forms it includes. We understand the data industry as an emerging industry formed by using data technology to develop data resources into products and services. The main players in this industry, according to our understanding, include enterprises engaged in data technology innovation, resource development and utilization, and data technology-empowered applications. Also included are enterprises involved in the circulation and trading of data products and services, as well as those engaged in the construction of data infrastructure.

It's important to recognize that data technology is advancing rapidly, and the data industry is continually evolving. We will closely monitor these changes to ensure we formulate better policies. Our commitment to nurturing and developing the data industry stems from several key factors:

First, data is a critical production factor. Its economic value is immense, and when utilized correctly, it can significantly enhance the allocation efficiency of other production factors such as labor, capital and technology. Therefore, whether the goal is nurturing new economic drivers or improving total factor productivity, accelerating the development of the data industry is essential to harness data's full potential and energy.

Second, the true value of data only emerges when integrated into economic and social activities. This integration relies on collection, storage, computation, management and application of data, as well as the circulation and trading of data products and services. Thus, it is important to cultivate a group of market players in the areas of technological innovation, resource aggregation, application empowerment, circulation and trading, and infrastructure development.

Third, while the data industry is intrinsically linked with the information and communication technology and internet industries, it possesses unique development characteristics. Current policies supporting high-tech and software companies do not adequately address the needs of data enterprises. By classifying the data industry as an emerging industry and formulating targeted policies, we can better address market concerns, enhance the sense of gain among data enterprises, and align with the laws of technological and industrial development. This approach will effectively pool resources, nurture a group of robust market entities, and enhance the industry's competitiveness.

The NDA places great importance on cultivating the data industry. In implementing the guiding principles from the third plenary session of the 20th Central Committee of the CPC, we are developing policies to promote the industry by leveraging market mechanisms and creating a fairer and more vibrant market environment. On the one hand, we are defining the nature and scope of the data industry, catering to market demands, and nurturing diverse market players. On the other hand, we are maximizing the decisive role of the market in resource allocation and supporting companies in accelerating development in areas such as resource aggregation, technological breakthroughs, product and service offerings, circulation and trading, and infrastructure development. Additionally, we recognize the importance of effectively utilizing policy instruments to facilitate appropriate arrangements in investment plans, talent development and industrial clustering. Many companies have actively involved in the policy drafting process, highlighting the market's keen anticipation in nurturing and expanding the data industry. Building upon thorough research and comprehensive consultations, we will speed up the introduction of supportive policies for the industry's growth.

That's all I have to say on this matter. Thank you.