The Shenzhen Data Exchange is now officially open for trading and its business will center on data exchange for different companies to explore a wider trading opportunity for its venture and products. China is centering on a way to create a market for data, aiming to deliver a new production factor that is similar to its different focuses like human labor, and more.
The country aims to establish a digital economy for itself, centering more on the new platform where the traffic is massive, especially in a country that also aims to improve its technology.
Shenzhen Data Exchange: Now Officially Open
Xinhua first reported that Beijing's Shenzhen Data Exchange has officially opened for all to trade with, delivering a new experience for clients aiming to purchase from the country. This data exchange center is state-run, and its facility is located in the highly technological hub of the country in Shenzhen, Guangdong Province.
The East Asian country began testing this trading center earlier but has recently opened at full blast to accommodate different digital transactions for its ventures.
The report stated that as of October this year, Beijing already established 348 trading entities focusing on the data industry to participate in its latest venture.
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China's Digital Economy Growth
According to the South China Morning Post, this is the latest focus of China to grow its digital economy, something that would help them achieve a new market and translate it for its growth.
Xinhua stated that the Chinese Academy of Cyberspace Studies released a report that factors in 39.8 percent of the country's GDP solely from its digital economy which reached 45.5 trillion yuan ($6.3 trillion) in 2021.
China's Ventures
China is one of the fastest-growing countries in the world, which is also regarded as an upcoming superpower in its many global operations, one where it is the center of production for different companies. it was once a long-time partner of Apple to assemble its iPhones and other technology before the Cupertino company transferred its operations to India.
Still, China's economy is booming, and so is its quest to develop its technology from within, not relying on international partners to deliver different components for them, particularly with the United States counter venture with its Chip 4.
It is said that China is on the verge to develop semiconductors on the country, only finding several speed bumps along the road, but the country is determined to make its own amidst the US restrictions.
Despite the adversity posed by the Asian superpower, it still centers on delivering to its different industries to maintain its stronghold and operations in the many industries it thrives in the present. Soon, it will also deliver on its take on the digital economy, with the state-run Shenzhen Data Exchange to regulate and trade with merchants.
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Written by Isaiah Richard
