China is set to implement two new national standards aimed at standardizing the management of data assets, a crucial step in the nation’s ongoing digital transformation. Effective September 1st, these standards, ‘Classification and Code for Data Asset Management Data Assets’ and ‘Guidelines for Data Asset Management Data Asset Registration’, will provide a structured framework for identifying, categorizing, and registering data as a valuable asset.
Standardizing Data Asset Classification
The ‘Classification and Code for Data Asset Management Data Assets’ standard aligns with existing principles for classifying tangible assets. It establishes a hierarchical system for data assets under the broader category of ‘Information Data Intangible Assets’. This classification breaks down data assets into three primary types: structured data, semi-structured data, and unstructured data. Further detail is provided through 15 specific sub-categories. This approach balances the need for detailed classification with practicality, while also incorporating flexibility to accommodate the rapid evolution and innovation within the data landscape.
Establishing a Registration Framework
Complementing the classification standard, the ‘Guidelines for Data Asset Management Data Asset Registration’ sets forth the fundamental principles for data asset registration. It clarifies the roles and responsibilities of registration entities, the specific content required for registration, and the procedures and requirements involved. The guidelines focus on three key stages: initial registration, change registration, and cancellation registration. Concrete requirements are outlined for asset ledgers and accounting books, aiming to create a robust data asset registration management system with clearly defined roles and standardized processes.
The Strategic Importance of Data Assets
As a burgeoning asset class in the era of economic and social digitalization, data assets are increasingly recognized as a vital strategic resource for advancing the development of ‘Digital China’ and accelerating the digital economy. The implementation of these two national standards is expected to lay a solid foundation for the comprehensive and standardized management of data assets throughout their lifecycle. Furthermore, it will promote the compliant and efficient circulation and utilization of data, thereby significantly contributing to the high-quality development of the digital economy.
National Data Administration’s Ongoing Efforts
The National Data Administration is actively advancing the work of data property rights registration and accelerating the construction of a unified national data market. This initiative is akin to providing ‘identity documents’ for data as an intangible asset, similar to how the real estate registration center issues property ownership certificates for real estate. The ‘Guidelines for Data Property Rights Registration (Trial)’ was released in July of this year, emphasizing standardization and uniformity as core principles in the development of the data property rights registration system.
