Recently, Shandong, Guangxi, Guizhou and other places have frequently introduced policies and measures for the data factor market, striving to promote data sharing and circulation by improving the development mechanism of the data factor market. Data is a new type of production factor and a core element and strategic resource in the digital economy era. China has massive data resources, a super large market, and rich application scenarios. Data elements have been widely integrated and applied in various industries such as telecommunications, finance, health and healthcare, industrial manufacturing, transportation and logistics, education and culture. The advantage of the super large market is giving birth to new forms and models of the digital economy. Data can both directly create social value and further amplify the value creation effect through integration with other production factors. How to activate the potential of data elements and realize their value is of great significance for leveraging China's comparative advantages and building new national competitive advantages. In recent years, China has actively promoted the cultivation and development of the data factor market. The "20 Measures for Data" have initially established a basic institutional system for data governance from aspects such as data property rights, circulation and trading, income distribution, and security governance. A number of data trading platforms (centers, institutes) have been established one after another, and the main body of data "supply circulation application" has gradually become rich. Digital enterprises have developed rapidly, and data products continue to emerge. In 2023, China's total data production will reach 32.85 zettabytes (ZB), with over 1 million data trading enterprises, 50 data exchanges, over 13000 products listed on major data exchanges, and a data factor market size of 127.3 billion yuan. Overall, China's data trading market continues to expand in scale, with increasingly diverse types, more active transactions, and continuously optimized environment. The benefits of data trading circulation in empowering the real economy, enhancing value creation, and promoting high-quality development are gradually emerging. It should also be noted that there are still many bottlenecks in the development of China's data factor market, such as difficulties in property rights confirmation and circulation transactions. Mechanisms for data property rights, circulation transactions, income distribution, and security governance still need to be improved. Compared with China's massive data and rich scenarios, the development, utilization, and circulation of data elements are still insufficient, and the supply-demand matching rate of data exchange transactions is not high. At the same time, with the accelerated cross-border flow of data, data security issues are becoming increasingly prominent. As a new phenomenon, the market construction and institutional design of data elements do not have mature experience and a common path, and should be continuously explored and practiced. It can be certain that only when data flows in an orderly manner can its value be maximally activated. Building a unified, open, and competitive data factor market is the key to stimulating the vitality of the data factor market. Build a market and solve the problem of where data is traded. Strengthen the design of the data trading venue system and build a multi-level data trading market system. Layout and construct a national level data exchange, emphasizing its public attributes and compliance regulatory functions. Standardize the construction of regional data trading venues and industry-specific data trading platforms, and promote interconnectivity between regional and industry-specific data trading platforms and national level data trading venues. At present, some data trading institutions have jointly released the "Initiative for Mutual Recognition and Exchange of Data Trading Institutions" to promote product mutual recognition, demand interaction, standard exchange, and subject mutual trust, reducing the compliance and transaction costs of data product supply. The next step is to promote the construction of a unified, open, active, and efficient data element market by improving trading rules and establishing a standard system. Establish regulations to address the issue of how data is traded. A sound and more detailed legal and regulatory system is the fundamental prerequisite for the efficient circulation and use of data elements. Accelerate the construction and supply of systems around data property rights, circulation and trading systems, and profit distribution mechanisms, and issue implementation rules that clarify issues such as the ownership, use, and operation rights of factor market data. Explore the path of data ownership and authorization through classification and grading, continuously improve the framework system of data property rights, clarify the boundaries of rights and the bottom line of data utilization for all parties. Accelerate the exploration and formulation of special laws and regulations for data exchanges, and make legal provisions on the specific rules and functions of the establishment, layout, admission rules, supervision, etc. of data exchanges. Train the subject and solve the problem of who will trade the data. Adhere to the principle of putting enterprises first, guide more enterprises to participate in data element trading and data market construction, encourage business entities to explore more flexible data trading models, cultivate a data resource development and utilization ecosystem, and prosper the data element market. Vigorously develop service-oriented, application-oriented, technology-based data merchants, and third-party professional service institutions, cultivate a group of promoters, converters, and developers of data trading circulation, development and utilization, and value realization. Ensure security and address compliance issues in data transactions. Data security is the bottom line for the circulation and trading of data elements, and the guarantee for the stable development of the data element market. On the one hand, it is necessary to build a data circulation infrastructure network, accelerate the innovation and application iteration of data circulation technology, and form a unified, secure and reliable data element circulation infrastructure nationwide. On the other hand, in order to balance development and security, ensure data security, and improve circulation efficiency, various technical means are adopted to meet the security protection requirements of different data resources, and differentiated technical solutions are provided to ensure data security compliance. (New Society)