Hangzhou launches digital trade center to boost transactions

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The Hangzhou International Digital Trade Center was officially unveiled at the first Global Digital Trade Expo in Hangzhou, Zhejiang Province, China, December 12, 2022. /CMG

The Hangzhou International Digital Trade Center was officially unveiled at the first Global Digital Trade Expo on Monday to boost China's digital economic development.

The center aims to become a comprehensive data ecosystem and will bring together data providers, data buyers, trading platforms, intermediary service providers, and regulatory authorities, local media reported. Moreover, it is expected to foster and develop emerging business models and formats for digital applications.

Located in Hangzhou, east China's Zhenjiang Province, which is a pilot zone for the country's digital economy and trade development, the center will rely on the province's ample resources for data sharing and exchange, asset management and business collaboration, local media said.

Upon launch, the center has already established cooperative relations with 215 enterprises, created 428 products, and conducted 457 business data transactions amounting to over 1.3 billion yuan ($190 million), including $21 million in overseas transactions, according to local media.

Over the next two to three years, the trading scale of data products, such as those offered on the Shenzhen Data Exchange and the Guiyang-based Global Bid Data Exchange, is expected to exceed 10 billion yuan.

China has improved regulations for data trading as exchanges and transactions grow.

The Ministry of Finance issued a draft on December 9, setting accounting rules and standards for companies' data resources.