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Zhong Hong, Tsinghua Digital Rights Economic Research Office: It is recommended to vigorously develop the financing model of data asset trust

Data New As Data 30 People 20 Cities Series Report Decoding the Way of Digital Governance (6)

The construction of digital government is an important support for promoting the modernization of governance capabilities and an inevitable choice for high-quality economic and social development. The revitalization of data resources is a key move in the construction of digital government. Southern Metropolis Daily and Nandu Big Data Research Institute launched a series of special topics to interview data open practitioners, governance standard makers, data security escorts, data legislation drafters, etc., and excavated data application innovation measures, explored areas with excellent digital governance capabilities, and took "30 people interviews as a guide, taking 20 city cases as a lesson", and committed to presenting "new data actions" in the new era, and composing a new chapter in digital wisdom.

At the same time, for the national enterprises and institutions, scientific research institutions, etc. to collect excellent cases of data application (please send information or clues to the mailbox [email protected]), we will organize relevant authoritative experts in the field of big data to interpret and evaluate the cases, and conduct more in-depth interviews to achieve wider promotion and application.

When data trust becomes one of the data governance paths, how to make data trust land becomes the key. Data trust is also one of the most concerned directions for the government and enterprises at present, and has high hopes in solving the legal and compliance issues of multi-party data authorization and entrustment and development and operation. Governments and enterprises hope to solve the trust mechanism of data rights and interests sharing through data trust, thereby better contributing to the development of the digital economy. Data trusts provide solutions to public data circulation problems for local big data authorities. So, what are the current explorations of the domestic public data trust model? What practical experience can be learned from abroad? How to improve the relevant laws and regulations of data trust? Zhong Hong, director of the Digital Rights Economic Research Office of the Technological Innovation Research Center of Tsinghua University and director of the Expert Committee of the Data Element Market Promotion Association, accepted an exclusive interview with Nandu.

The precision and accuracy of data elements is inseparable from the "three rights of co-governance"

Nandu: To develop the digital economy, data rights confirmation is an important pre-emptive issue of data governance, how to do a good job in data rights confirmation, what are the paths?

Zhong Hong: "Data confirmation" is a false proposition! To discuss the confirmation of data rights, we must completely answer three questions: what rights are really right, how to confirm rights, and can we protect rights? This is used to determine whether there is a closed loop of value for a certain ownership of the data. Taking the confirmation of "data ownership" as an example, data is a bit and piece that constitutes the ocean of digital space, and its liquidity and integration characteristics have built a global Internet open innovation spirit and digital civilization, which is the common wealth of all mankind in the world. Simply equating data ownership with determining data ownership is like asking us to identify which river a drop of water in the ocean comes from, which is an impossible task.

Data elements need to be "precise and accurate"! General data does not need to confirm rights, only when the data is processed into a factor of production, put into production and market circulation needs to confirm rights. In his opening speech at the Expo, Vice Premier Liu He proposed to explore more accurate data confirmation and propose a new path for the confirmation of data elements. The right to precision is to define the rights and interests owned by multiple parties in the whole process of data collection, storage, processing and trading as a factor of production, and to meet the requirements of identification, measurement, pricing, circulation and tradability. The Digital Rights Economic Research Office of the Technological Innovation Research Center of Tsinghua University believes that the precision and accuracy of data elements is inseparable from the "co-governance of the three powers", that is, the joint governance of legislative, administrative and judicial powers, and the formation of the identification, supervision and protection of the legitimate rights and interests of multiple parties in data elements. The Data Elements Market Promotion Association Data Rights Protection Team Leader Unit People's Data is carrying out the pilot work of the precision and accuracy of urban public data.

The data element market needs to establish a three-tier system

Nandu: You have studied and proposed data asset trusts, hoping to solve common problems such as data asset confirmation, data subject rights protection, and data circulation compliance, what are the current explorations of domestic public data trust models, where are the differences with foreign countries, and what practical experience can be used as a reference?

Zhong Hong: Data trust in a broad sense is a trusted data governance system. Referring to the definition of the UK Open Data Institute, a "data trust" is a legal structure that provides independent data management, the purpose of which is to balance data development and utilization with the protection of rights and interests. Taking the "citizen data trust" proposed by Google as an example, that is, the property management committee system in the digital age, the construction of smart cities needs to collect, process and use citizen and city data, and supervise and manage the use of data through the establishment of an independent third party composed of representatives of citizens, governments and data developers, in accordance with the rights and obligations of the data trust. Through the "data trust system" in China, the Digital Rights Economic Research Office helps Shanghai plan the data trust big data industrial park, helps central enterprises build an industry big data integration platform, reduces the cost of enterprise data circulation compliance, promotes the aggregation of big data and artificial intelligence industries, provides various data products for industrial digitalization and urban governance digitization, and promotes the prosperity of the data element market.

Tsinghua Digital Rights Economic Research Office proposed that the data element market needs to establish a three-level system, namely the free circulation market of data resources (primary market), the centralized trading market of data assets (primary market), and the data element capital market (secondary market). Shanghai Data Trust Industrial Park is the representative of the primary market, the data trading center established by the provinces is the representative of the primary market, and the data exchanges in Beijing and Shanghai may be upgraded from the primary market to the secondary market in the future. Financing data asset securitization and forming a data capital market requires the participation of financial institutions. AVIC Trust, the leader of the Data Trust Promotion Group of the Data Elements Market Promotion Association, is carrying out a study on "Data Asset Trust", how to enter the table of data assets, and how to provide financing services for high-quality data assets. The global wave of the Internet economy is inseparable from the boost of the NASDAQ capital market, and the data-driven digital economy also needs the help of the data element capital market. We believe that China should vigorously develop the data asset trust financing model, and the big data industry should use the data capital market dividend to accelerate the realization of high-quality innovation and localization of core technologies.

Data element market faces "anti-marketization" brought about by compliance

Nandu: The data aggregation effect is becoming more and more obvious, there is inevitably data discrimination, information cocooning, big data killing, etc., data trusts are placed high hopes by the government and enterprises, how to better solve the legal and compliance problems of multi-party data authorization, development and operation?

Zhong Hong: In 2022, the data element market will face the "anti-marketization" brought about by compliance. In accordance with the requirements of the Data Security Law and the Personal Information Protection Law, the government, central state-owned enterprises, and Internet enterprises, which have a wide range of personal privacy, trade secrets, and state secrets, need to undertake a series of obligations such as data security, privacy protection, sharing and openness, development and utilization, and emergency disposal, which will affect the process of marketization of data elements in the short term.

"Data trust" is placed on high hopes, which is to provide a set of legal exemption system design for the development of data value by the government, central state-owned enterprises, etc., and corresponding data trust solutions can be designed for different data use purposes. Google's Citizen Data Trust is a multi-party data regulatory solution that addresses the issue of trusted use of data. A domestic energy big data center designs a water, electricity, and multi-agent data trust, complies with the concept of "zero trust" from the perspective of technical security architecture, entrusts a third party to follow the trust trust obligation to supervise data circulation compliance from the perspective of institutional security structure, and confirms and distributes the control, use and beneficiary rights of data assets from the perspective of rights and interests security, so as to promote the innovation of data resource sharing, development and utilization, and income distribution of central state-owned enterprises, and avoid the occurrence of potential management responsibility risks in advance.

Data trust has become an important institutional choice such as the governance of digital space rules

Nandu: As a new type of trust system, data trusts may face security risks in the process of data use restrictions and data circulation, how to prevent them? How to improve the relevant laws and regulations of data trust?

Zhong Hong: To give full play to the dividends of the "data trust" system, the CPC Central Committee and the State Council have issued the Opinions on Building a More Perfect Factor Market-oriented Allocation System and Mechanism. The construction of the data element market faces many difficulties and challenges, and the most lacking is the top-level system innovation. How to confirm the rights of government data, can it authorize operation and charging, and how to avoid monopolies? Who owns the public data rights and interests collected by state-owned enterprises, how to price them to avoid the loss of state-owned assets, and whether assets are subject to the responsibility of preserving and increasing value when they are included in the table? How can the public protect their legitimate data rights through government departments? How can data exchange between enterprises reduce compliance costs and avoid potential criminal and commercial risks? Data trust has become an important institutional choice to solve the problem of credible circulation of data, the development of digital economy, and the governance of digital space rules.

Data trust is based on the law's power and responsibility system, technology-based governance system, and profit-based distribution mechanism, the core of which is to establish a set of trusted fault-tolerant mechanisms that serve the data economy. At present, the "Trust Law", "Trust Company Management Measures" and other laws and regulations have not yet formulated detailed laws and management rules for new assets such as data trusts, but compared with the financial supervision sandbox system, providing an exemption from innovation experiment environment for financial technology and financial products, data trusts can provide efficient circulation of new production factors such as data, providing a multi-dimensional innovation environment of policies, laws, standards, technologies and businesses, and the huge potential of its institutional innovation is worth studying and exploring.

Zhong Hong, Tsinghua Digital Rights Economic Research Office: It is recommended to vigorously develop the financing model of data asset trust

Biography:

Zhong Hong is the director of the Digital Rights Economic Research Office of the Technological Innovation Research Center of Tsinghua University. Tsinghua School of Economics and Management, responsible for tsinghua university digital economy and scientific and technological innovation research and achievement transformation; director of the data element market promotion association expert committee, deputy editor of the "Data Element Leading Cadre Reader", expert of Beijing International Big Data Exchange and Shanghai Data Exchange, participated in the National Development and Reform Commission, the Cyberspace Administration of China, the Ministry of Industry and Information Technology, the State-owned Assets Supervision and Administration Commission of a number of data element market cultivation and supervision special research, Beijing, Shanghai, Chongqing, Guangdong, Shandong and other regions of the relevant laws and regulations and policies research and review, Conduct training on digital economy and data elements for leading cadres in various localities. The core experts of the "Data Trust Cooperation Plan" and the "Data Rights and Interests Protection Promotion Group" participated in the "14th Five-Year Plan" related to digital economy data of many central enterprises.

Producer: Nandu Big Data Research Institute Digital Government Research Center

Coordinator: Ying Zou Researcher: Yuan Jiongxian Design: Liu Yinshan

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