On August 28, 2026, Liu Liehong, director of China's National Data Administration, addressed the China International Big Data Industry Expo in Guiyang. His announcement marked a milestone: his agency would accelerate the construction of a "national unified data market." Data, he said, was being transformed into a tradable, valuable asset.
The infrastructure to do this already exists. The first piece was built in 2015 — the same year the U.S. was still debating whether data should be regulated at all.
The First Data Exchange — and the Experiment That Followed
In 2015, the Guiyang Big Data Exchange opened its doors as the world's first data exchange. It was an experiment: could data be bought and sold like oil, like grain, like any other commodity? The question was radical at the time. In the U.S., data was still treated as an extension of intellectual property — something to be litigated, not traded.
Eleven years later, the experiment has scaled. As of August 2025, the exchange had listed over 2,000 data products, attracted 885 data vendors and 206 intermediaries, and recorded cumulative transaction volumes exceeding 5.249 billion yuan ($720 million). It has launched specialized zones for meteorology, power, water resources, and more than 20 other industries.
The exchange trades in data resources, algorithmic models, and high-quality datasets. It is also exploring AI agents as potential new tradable products. In 2026 alone, the exchange released 1,225 high-quality datasets. The National Data Administration's latest figures show that as of August 2026, China had built over 126,000 high-quality datasets totaling more than 1,815 petabytes — an 89% increase from March 2026.
The exchange is not a Silicon Valley-style data marketplace. It is a regulated, government-backed institution that defines the rules for what can be traded, who can trade it, and how it is priced.
The Policy Machine
The Guiyang exchange was the start. The policy machine that followed is what makes China's approach fundamentally different from America's.
In 2023, China established the National Data Administration — a dedicated agency at the cabinet level responsible for data governance, data markets, and data infrastructure. No equivalent exists in the U.S.
In 2024, the government launched "Data Element ×" — a three-year action plan to integrate data into the economy. By June 2026, it had already exceeded its targets. The plan was developed by the National Data Administration and 16 other departments, with the goal of creating more than 300 demonstration application scenarios and achieving over 20% average annual growth in the data industry.
In February 2026, the National Data Administration and three other ministries issued the "Opinions on Cultivating Data Circulation Service Institutions." The document classified data market participants into three categories: data exchanges (focused on compliance and price discovery), data circulation service platforms (industry-specific services), and data vendors (product development). It also signaled a shift: no new exchanges would be approved; the focus would be on optimizing existing ones.
In June 2026, the administration introduced the concept of "token trading" — a new approach to pricing data. The idea is to treat data as a token-based value unit, making it quantifiable and priceable in a way that traditional data products are not. In Wuhan, the "HanShuTong" platform became the first to pilot token-based AI data trading, listing 1,496 data products and completing over 150,000 data calls.
In July 2026, the administration issued the "Data Property Rights Registration Work Guidelines," dividing data rights into three categories: holding rights, usage rights, and operation rights.
The pattern is unmistakable. China is building a legal and institutional framework for data as a factor of production — something the U.S. has never attempted.
What "Beijing-Shanghai-Guangzhou-Shenzhen-Guiyang" Means
The exchange ecosystem has consolidated into what industry observers call the "Beijing-Shanghai-Guangzhou-Shenzhen-Guiyang" five-exchange structure. Each exchange specializes in different sectors:
- Guiyang focuses on data resources, algorithm models, and high-quality datasets
- Guangzhou has established service zones with 362 members, focusing on data assetization
- Shenzhen provides national-level data trading capabilities, recently expanding to Inner Mongolia
- Shanghai and Beijing operate as major financial and technology data hubs
The exchanges are not competing with each other. They are part of a coordinated national infrastructure. The National Data Administration is working toward a "national unified data market" — a single, integrated system for data trading across the entire country.
The American Gap
In the U.S., there is no equivalent framework.
Data is traded, but it is traded through private contracts, bilateral agreements, and the occasional data broker. There is no national data exchange. There is no federal agency dedicated to data markets. There is no legal framework for data as a tradable asset.
The American approach is litigation-driven. When companies disagree about data rights, they sue. When regulators want to restrict data flows, they pass laws. The result is a patchwork of state laws, federal regulations, and court decisions that varies by jurisdiction and changes unpredictably.
The contrast is significant. China is building a system. The U.S. is fighting a war.
What This Means
The data exchange experiment is not a side project. It is a core part of China's AI strategy.
In the AI era, data is the raw material. Whoever controls the supply of high-quality data controls the pace of AI development. China is building the infrastructure to control that supply — not through copyright lawsuits, but through regulated markets, government-backed exchanges, and a national legal framework.
The U.S. approach has been to litigate. The Chinese approach has been to institutionalize. One is reactive. The other is proactive.
The question is not which approach is morally superior. The question is which approach will produce more data, faster, at lower cost, for the companies that need it.
China is betting on markets. The U.S. is betting on courts. The outcomes of those two bets will shape global AI for decades.
Sources: China Digital China Development Report (2025); National Data Administration policy documents (2026); Guiyang Big Data Exchange official data; China International Big Data Industry Expo 2026; People's Daily coverage of National Data Administration (August 29, 2026); Xinhua News coverage of Guiyang Big Data Exchange (October 2025).
Disclaimer
The information provided in this article is for general informational and educational purposes only. It does not constitute legal, financial, or professional advice. The author and publisher are not responsible for any actions taken based on the content of this article. Readers should consult qualified professionals for advice specific to their situation. All trademarks and references to third-party products, services, or organizations are the property of their respective owners. The performance data and benchmarks discussed are based on specific research studies and may not generalize to all use cases or environments. As of the publication date, the AI landscape continues to evolve rapidly, and readers should verify current information independently.
Limitations
This analysis is based on reporting and public data available as of the article date; figures may be revised as sources update.
Forecasts from third-party analysts can change with market conditions.
Cost and pricing examples are point-in-time estimates; actual rates vary.
Country and company comparisons rely on public reporting, not operational data.
This sector moves fast; timelines and deal terms may be updated later.
Company deals and regulatory rulings may evolve; verify current status.
AI infrastructure is changing quickly; claims can become outdated soon.
Sources
- China Digital China Development Report (2025)
- National Data Administration policy documents (2026)
- Guiyang Big Data Exchange official data
- China International Big Data Industry Expo 2026
- People's Daily coverage of National Data Administration (August 29, 2026)
- Xinhua News coverage of Guiyang Big Data Exchange (October 2025).
The information provided in this article is for general informational and educational purposes only. It does not constitute legal, financial, or professional advice. The author and publisher are not responsible for any actions taken based on the content of this article. Readers should consult qualified professionals for advice specific to their situation. All trademarks and references to third-party products, services, or organizations are the property of their respective owners. The performance data and benchmarks discussed are based on specific research studies and may not generalize to all use cases or environments. As of the publication date, the AI landscape continues to evolve rapidly, and readers should verify current information independently.
Limitations: This analysis is based on reporting and public data available as of the article date; figures may be revised as sources update.; Forecasts from third-party analysts can change with market conditions.; Cost and pricing examples are point-in-time estimates; actual rates vary.; Country and company comparisons rely on public reporting, not operational data.; This sector moves fast; timelines and deal terms may be updated later.; Company deals and regulatory rulings may evolve; verify current status.; AI infrastructure is changing quickly; claims can become outdated soon.