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CF40 Seminar on China’s Data Governance and Platform Economy

The National Committee of the Chinese People's Political Consultative Conference had a meeting on May 17 to promote the sustainable and healthy development of the digital economy. On May 28, CF40 held a seminar to discuss how to make better decisions in this regard, how to strike a proper balance between the government and the market, and how to create a more safe and efficient market for data.

At the beginning of the discussion, Lv Zhongtao, Chief Technology Officer of Industrial & Commercial Bank of China, outlined the difficulties facing China's platform economy, and made proposals on how to define rights and responsibilities relating to data, make proper assessment of data value, and improve the regulatory framework.

CF40 Advisor Xu Xianchun then presented a recent research project on the measurement of data assets, which discussed 1) scenarios of big data applications for businesses, government, and individuals, 2) the concepts of data and data assets, and 3) classification and measurement of business, government, and personal data among other things.

Following the lead-off speeches, four experts provided their comments on the topical issues. CF40 Advisor Huang Qifan listed the features and functions of digital platforms, as well as ten principles for developing the platform economy. He believed that “the platform economy is China’s fundamental competitiveness in the global arena,” and he advocated for government regulations.

Huang Yiping, Chairman of the CF40 Academic Committee, also confirmed the contribution of the digital economy to China’s growth and the need to regulate the digital realm. He pointed out that it would necessitate policy coordination that keeps a balance between regulation and innovation, development and security, regulation and antitrust enforcement, and among various government agencies.

Jin Penghui, Executive Vice President of PBC Shanghai Head Office, talked about rule-making in data sharing and cross-border data flow, credit-based digital governance, and the connection between digital transformation and e-CNY.

Li Wenhong, CF40 Member and Head of Beijing Municipal Finance Bureau said that policy arrangements should be scientific, rational, and neutral; the key is to have consistent regulatory standards and techniques for the same sort of business activities.

Zhang Chenghui (Former Director of Financial Research Institute of the Development Research Center of the State Council), Liu Shangxi (CF40 Member, President of Chinese Academy of Fiscal Sciences), and Shen Yan (CF40 Guest Member, Deputy Director of Institute of Digital Finance at Peking University) also joined the discussion.

CF40 Secretary-General Wang Haiming moderated the event.