The increased role of the data industry appears to be boosting the real economy

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Xi Jinping, general secretary of the Communist Party of China Central Committee, on Wednesday stressed the need to ensure the efficient flow and use of data to strengthen the real economy and better protect national data security, personal information and trade secrets.

Chairing a meeting of the central commission for deepening comprehensive reform, Xi, who is the head of the commission, said the development of a fundamental data system is an issue related to national development and global security.

He called for faster steps in developing a set of fundamental data systems, with coordinated steps to promote data ownership rights, data flows and transactions, as well as revenue allocation and security governance.

The need to develop a system of data ownership rights was highlighted by commission members to support the authorized use of public data, corporate data and personal data.

It is important to establish an efficient system that enables the flow and exchange of data elements and a standardized data exchange market, the commission said.

He called for measures to refine the market distribution system for data items, allow the government to play a better role in guiding and adjusting their distribution, and establish a revenue distribution system.

The government will ensure that security is a priority throughout the data governance process, to clarify its red lines and strengthen law enforcement and judicial efforts in key sectors, they added.

During the meeting, Xi also urged taking steps to encourage major domestic payment and financial technology platforms to return to their roots, with measures to refine oversight rules and close loopholes. institutions, and ensure that they guarantee the security of payments and the financial infrastructure.

It is committed to helping these enterprises play a greater role in serving the real economy and ensuring unhindered domestic and international circulation.

Policymakers have called for steps to bring the financial activities of platform companies, including payment services, under government scrutiny, saying all financial service providers must be licensed.

It is important to improve regulations and mechanisms in payment services and risk prevention systems, the committee members said, adding that the supervision of financial holding companies and the activities of platform companies holding shares in these financial institutions must be strengthened.

Monitoring of loans, deposits, insurance, securities and funds on the internet needs to be strengthened, policymakers said.

To protect legitimate consumer rights, the commission pledged to strengthen antitrust and unfair competition oversight of platform companies. Platform companies will come under increased scrutiny of their collected data to prevent abuse of big data and algorithms, they said.

The meeting urged relevant departments to perform their duties better, enable better coordination between the central government and local authorities, and investigate illegal financial activities in accordance with law.

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