Guiyang city moves to boost data trading

The Guiyang Big Data Exchange and the Guiyang Arbitration Commission sign up to work together to regulate data trading. [Photo/ddcpc website]

The Guiyang Big Data Exchange and the Guiyang Arbitration Commission signed a cooperation agreement on June 27 to promote the data circulation, regulate data trading, maintain the order of the data trading market and protect the legitimate rights of all parties.

Under the agreement, the Guiyang Big Data Exchange will follow arbitration law and best international practices with the help of Guiyang Arbitration Commission – both bodies located in Guiyang, capital city of Southwest China's Guizhou province.

The exchange said it will also launch forward-looking and creative terms for big data trading based on transaction scenarios and types, with the purpose of further standardizing the rights and obligations of transaction parties.

The application of arbitration in solving data trading disputes is expected to guarantee and promote the roll-out of data products and services, improve the development and utilization of data and boost the development of data trading in the future.

The Guiyang Big Data Exchange is the first one of its kind in China, aiming to become a hub for the flow of national data. The Guiyang Arbitration Commission is expected to provide professional services to prevent the risks in data trading – and construct a platform to develop new data trading businesses, expand markets and promote new consumption.