China’s top industry regulator issued a road map for development of the country’s big data industry through 2025, highlighting efforts to cultivate the market, build industry chains and safeguard data security.

The Ministry of Industry and Information Technology (MIIT) Tuesday published the 14th Five-Year Plan (link in Chinese) to guide the big data industry. According to the plan, China’s big data industry will exceed 3 trillion yuan ($470 billion) by the end of 2025, with an average annual growth rate of around 25%.

The industry has grown by more than 30% annually since 2015 and exceeded 1 trillion yuan by the end of 2020, according to the MIIT.

The big data industry includes businesses involved in data production, collection, storage, processing, analysis and related services. It also includes data infrastructure construction, data software development, sales and leasing, as well as other information technology related services, the ministry said.

The MIIT’s plan emphasizes data as a “factor of production” and a “national strategic resource.” It pledges to improve the “marketization” of data, promote data services for specializing industries, build a highly efficient industry chain and ensure data security.

The MIIT will set up rules and standards governing property rights, trading, and transactions and security of data resources, said Xie Shaofeng, a senior MIIT official. The ministry will promote a market-oriented pricing mechanism to serve the data market under proper oversight, Xie said.

China is also ramping up scrutiny of data security. New laws and regulations including the Personal Information Protection Law, the Cybersecurity Law and the Data Security Law enacted this year are set to have profound impacts on a wide range of businesses from artificial intelligence to e-commerce to social media.

The MIIT’s road map reaffirms the importance of enhancing oversight of the data industry and vows to strengthen management of cross-border data flows.

Source: Caixin Global