Shanghai sets up data trading platform in latest push to boost city’s profile as tech hub
The government of the Chinese city wants it to retain its role as a leader in innovation in the face of stiff competition from other cities
Shanghai is building a mammoth electronic platform to trade data such as personal credit records and consumer information, as part of the city’s efforts to stay ahead of others at the forefront of technological innovation in China.
Keven Tang Qifeng, chief executive of Shanghai Data Exchange Corp, told the South China Morning Post in an interview that the company aimed to account for one-third of national data trading volume by 2020 while helping the city draw more promising technology businesses.
“The overall market size is expected to reach 100 billion yuan (US$15 billion) in 2020, and there is already strong demand for buying and selling data sets now,” he said. “We will help companies improve their business efficiency by making better use of the data.”
The city of Shanghai has been rolling out a series of incentives to draw tech companies and talent from around the globe as it seeks to retain its status as China’s economic locomotive amid rising competition from other cities.
Shanghai Data Exchange was established in April at the instigation of the city government. It is based in the city’s Jingan district, with the district government providing land for its offices and some of the data for trading.