On November 30, the China Ministry of Industry and Information Technology ("MIIT") issued the Development Plan for the Big Data Industry during the "14^th Five-Year Plan" Period (the "Plan").

The Plan, based on the definitions and connotations concerning the big data industry set forth in the 13^th Five-Year Plan, further emphasizes the value of data elements. The Plan is divided into five chapters, which include six key tasks, six special actions, and six support measures. Among them, the six key tasks are to (1) accelerate the cultivation of the data element market; (2) give play to the unique advantages of big data; (3) consolidate the foundation for industry development; (4) build a stable and efficient industrial chain; (5) create a prosperous and orderly industrial ecology; and (6) build a strong line of defense for data security. The Plan, centering on the whole process of measurement, exchange and distribution of the value of data elements, calls for efforts to build a data value system, improve element market rules, and enhance the role of data element in allocation, and to promote the market-oriented allocation of data elements.

(Source: China Ministry of Industry and Information Technology)