Enhancing Legal Protection for More Efficient Data Infrastructure

At the "2024 Fintech Conference and Chengfang Fintech Forum" held on October 22, experts attending the parallel forum on "Legal Protection for the High-Quality Development of Data Assets and Technology Finance" agreed that the construction of data assets and technology finance systems is a systematic project. In addition to establishing a financial policy system, product service system, and risk prevention system that adapt to the characteristics of scientific and technological innovation, it is also necessary to continuously optimize the legal environment that supports scientific and technological innovation and provide more efficient data infrastructure.

Optimizing the Legal Environment to Support the Development of Technology Finance

Experts at the meeting believe that data assets and technology finance innovation are new entities in the economic field with extensive and profound impacts, which will inevitably generate new legal property rights, legal relationships, and regulatory requirements. It is imperative to further optimize the legal environment that supports the development of technology finance.

"At the legislative level, it is necessary to establish and improve relevant laws, regulations, and institutional systems," suggested Zhou Yan, Director of the Research and Development Department of the Chinese Institute of Certified Public Accountants. Currently, some local regulations provide detailed provisions on data property rights, but they are not unified enough, and there is an urgent need to establish a national unified data asset rights confirmation system at the legal level.

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When discussing how to improve the legal and regulatory system for technology insurance, Bai Feipeng, General Manager of the Legal Compliance Department of the People's Insurance Group Corporation Limited, suggested considering accelerating the formulation of technology insurance management methods to clarify the definition, types, scope, and operational rules of technology insurance, providing a comprehensive definition and regulation of technology insurance. Research and optimize various regulatory rules, for example, reasonably set technology insurance evaluation indicators in the regulatory rating system, and establish assessment standards suitable for the development laws of technology insurance. In the future, legislation can be promoted in a timely manner to strengthen top-level design and further enhance support.

"Provide more comprehensive data legal protection," suggested Peng Xuehai, Deputy Director of the Beijing Municipal Government Affairs and Data Management Bureau. In terms of data property rights, further clarify the structural division of data property rights and standardize the registration management of data resources; in terms of circulation and transaction, standardize the behavior of data circulation market entities, establish a dynamic assessment mechanism, and formulate a top-level design plan and technical specifications for trustworthy circulation technology; in terms of revenue distribution, explore data revenue distribution mechanisms, focusing on solving the initial pricing of public data and enterprise data, that is, the re-creation and re-distribution of data asset value; in terms of standards and specifications, establish the Beijing Municipal Data Standardization Technical Committee, and through the compilation of industry standards and local standards, solve the unclear issues of the bottom line of safety and compliance and the red line of supervision throughout the life cycle of data circulation, providing data security construction standards for all parties.

Strengthening the Construction of Industry Infrastructure and Other Facilities

Experts at the meeting believe that to promote the high-quality development of data assets and technology finance, more efficient data infrastructure should be provided while establishing and improving relevant laws and regulations.

Peng Xuehai suggested making full use of the advantages of industry chains and blockchain technology to promote the construction of data circulation and utilization value-added collaboration networks, creating a trustworthy data space, achieving interconnection among social, enterprise, and personal data, providing a trustworthy data circulation and utilization development environment for data supply and demand parties, and promoting the value-added services of data elements.

"Strengthen the construction of industry infrastructure and collaboration mechanisms. Give full play to the role of industry-related associations and organizations as a bridge, promote the improvement of technology insurance data statistics, build a cross-industry, multi-level, and widely covered technology insurance information sharing platform or risk information database, and explore the establishment of a comprehensive technology insurance service platform in areas with a concentration of technology enterprises, etc. Strengthen multi-party exchanges and cooperation, strengthen exchanges and cooperation between governments, insurance companies, technology enterprises, scientific research institutions, etc., and increase the publicity and promotion of technology insurance to let more technology enterprises recognize, understand, and trust insurance." Bai Feipeng suggested."The accounting profession, as a participant and witness in the practice of data assetization on the front line, can leverage its professional advantages to promote the lawful, compliant, and high-quality development of data assets and technology finance in various ways," said Zhou Yan. She suggested innovating audit techniques and methods, exploring new audit approaches suitable for the characteristics of data assets, to provide true and reliable financial information for technology finance entities and investors; providing professional opinions for legislation, judiciary, and administrative supervision in the fields of data assets and technology finance; taking the lead or participating in the formulation of industry standards in the fields related to data assets and technology finance, to ensure the authority, consistency, and standardization of practices within the industry; promoting industry exchanges and cooperation, as well as the construction of data trading markets, and facilitating the alignment of domestic data asset management standards with international standards.