Industry丨Upgrade again! From "Internet +" to "Data Elements ×"

In the current economic development, although data is regarded as a key element, it has not actually become the core force driving economic growth.

Although there have been corresponding innovations at the theoretical level, in practical applications, the potential of data has not yet been fully exploited and utilized.

To realize the value created by data elements, they must be activated during use.

Therefore, value creation and value realization need to be closely integrated to ensure that the value of data elements is fully realized.

Various industries hope to open up a broader value space through the deep integration of data and other production factors.

In recent years, my country's digital economy has developed rapidly, with its digital infrastructure leading the world and increasingly improving digital technology and industrial systems, laying a solid foundation for giving full play to the role of data elements.

However, we must also face up to some existing problems, such as insufficient scene release, insufficient data supply, and poor circulation mechanisms.

These problems require effective measures to be addressed to ensure that data elements can better serve economic development and social progress.

In addition to paying attention to the quality of the data elements themselves, it is also necessary to consider the matching of data and data business models, as well as the connection and matching of data business models and specific application scenarios.

Only in this way can data truly become the most innovative and accurate driver of development.

With the continuous development of the digital economy, [Internet +], as an important element supporting the development of the digital economy, has gradually transformed into [data element ×].

This regular change is an important measure taken by the government to better grasp the development trends and laws of the digital economy and actively promote the healthy development of my country's digital economy.

Recently, the National Data Administration issued an announcement to publicly solicit opinions from the public on the "Data Element ×" Three-Year Action Plan (2024-2026) (Draft for Comments)" (hereinafter referred to as the "Action Plan").

[Data Elements ×] The three-year action plan became the first document issued by the National Data Administration, marking the further confirmation of the core status of data elements as productivity.

The "Action Plan" proposes that by the end of 2026, the average annual growth rate of the data industry will exceed 20%, the scale of data transactions will double, the scale of on-site transactions will increase significantly, and new formats that promote the value creation of data elements will become a new driving force for economic growth, and data will empower The role of economic improvement in quality and efficiency has become more prominent and has become an important driving force for high-quality development.

The 12 key areas include intelligent manufacturing, financial services, medical health, emergency management, etc., and it is mentioned that support for the training of large general artificial intelligence models and large artificial intelligence models in vertical fields is mentioned.

The above-mentioned industries have three common characteristics: ① These industries all have an important impact on the national economy and social development, and are key development areas, covering aspects such as the real economy, expansion of domestic demand, technological innovation, green development, security and common prosperity.

②They all belong to data-intensive fields and are highly dependent on the closed-loop optimization system of [data + algorithm + computing power]. The development and operation of these industries require large-scale knowledge creation, extensive use of intelligent tools, and rich and diverse data element resources.

③ There is an urgent need for digital transformation in general, and it also contains huge potential value. The potential value of data elements has stimulated the transformation and upgrading needs of these industries, and digital capabilities will gradually become the core element of their future competition.

The main consideration for ranking intelligent manufacturing first is that manufacturing is the main body of the real economy, and intelligent manufacturing is the main battlefield for the deep integration of the digital economy and the real economy.

The [Internet +] strategy was launched in 2015, which was based on the understanding at that time that the Internet was an important technology in promoting the development of the digital economy.

It is precisely because of the rapid development of the Internet that we can witness the rise of the digital economy in the true sense.

As time goes by, the application of the Internet in various industries continues to deepen, and data has gradually become a core element in our production and life.

After several years of practical exploration, the importance of data in the economy has become increasingly prominent.

In 2017, he proposed [Building a digital economy with data as a key element]. This theoretical innovation pointed out the direction for future development.

After more than five years of practice, the development of my country's digital economy has transformed from being driven solely by digital technology to a new pattern driven by both digital technology and data elements.

In years of practice in digital platform economy and data governance, various market entities have high expectations for policies related to data elements.

In order to maximize the effect of the policy, public consultation is now a necessary step.

The core of [Internet+] lies in connection, which enables more efficient and convenient collaboration between different industries, enterprises and individuals.

This connection method not only improves the efficiency and speed of information transmission, but also promotes the sharing and optimal allocation of resources, bringing new development impetus to the industry.

The multiplier effect of data elements further expands the connotation of [Internet+].

①The [synergy] effect is not only reflected in the synergy between different entities, but also in the synergy between different factors, thereby improving total factor productivity;

②The [reuse] effect makes full use of the low-cost replication characteristics of data to promote the reuse of data in different fields, scenarios and subjects to release its new value;

③[Integration] effect brings together data from various sources to give full play to the scale effect of data, achieve a leap from quantitative change to qualitative change, and give birth to new applications and business formats.

① Combination of data elements and industry applications: Forming a [data × industry] model, such as the combination of data with agriculture, manufacturing, service industries, etc., aims to empower the real economy.

② The combination of data elements and enterprise applications: forming a [platform × application] model.

This involves the combination of the basic business of platform enterprises and the value-added applications of enterprises within the platform, using a paid sharing model, that is, there is no charge for the use of data elements, but charges are based on the use results.

In addition, shift data asset pricing from pre-production to post-production, and indirectly price data elements through applications.

This helps eliminate the uncertainty of [beta value] in pre-production pricing and promotes the reuse and full utilization of data usage value.

③Market system construction: Covering the entire industrial chain and value chain of pre-production, mid-production and post-production, including the construction of pre-production trading market, mid-production trading market and post-production trading market.

As transactions shift from cash to value certificates, these certificates can be discounted based on the realization of value at different times and in different scenarios.

The essence of the multiplier effect of data elements is empowerment, emphasizing the organic combination of data and application scenarios.

In the process of data processing and application, any data, regardless of its source or nature, must be circulated and used in order to achieve its maximum value.

As an intermediate product, the value of data needs to be reflected in the value of countless final products, and the benefits of data elements need to be promoted to a reasonable tilt towards the creators of data value and use value.

In the past, we may have ignored the value assessment of data, but now we can transform data into tangible value through market-based means.

In short, the circulation and use of data should be oriented to practical application needs and deeply explore the value of data.

The multiplier effect of data should be fully utilized to promote the reuse of data value and the compliant and efficient circulation of data, thereby injecting vitality into the real economy.

At the same time, we should also promote the benefits of data elements to be reasonably tilted towards the creators of data value and use value, and realize the value transformation of data through market-oriented means.

The "Interim Provisions on Accounting Treatment Related to Enterprise Data Resources" will be officially implemented on January 1, 2024, marking that the process of recording data assets into the balance sheet has entered the countdown stage.

The implementation of this regulation will optimize the asset structure of enterprises and help improve the financial transparency and asset quality of enterprises.

At the same time, the [asset] attribute of data resources requires that they must have the potential to generate economic benefits and the support of application scenarios.

With the development of data elements, we are expected to see an overall transformation from the institutional level to industrial practice, accelerating the entry into a new stage of [government-industry co-driven].

This transformation will help promote the healthy development of the data element market and promote the effective utilization and value release of data resources.

Reference for some information: Tencent Research Institute: "From "Internet +" to "Data Elements ×"", CITIC Securities Research: "The "Data Elements "X" action will be launched, and industry catalysts will be added up"

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