China Data Element Market Enters ‘Inhouse-Outfield Coordination + First-Year Data Asset On-Balance-Sheet Retrospective + Five-Cross Data Infrastructure Implementation’ Three-Track New Phase: CDO 2026 (9/23-25) Preview + GB/T 47949/47950-2026 9/1 Effective First-Quarter Practice + Data Exchange Interconnect Breakthrough
TL;DR - One-Sentence Conclusion
On Sunday, September 21, 2026, China’s data element market enters a ‘Inhouse-Outfield Coordination + First-Year Data Asset On-Balance-Sheet Retrospective + Five-Cross Data Infrastructure Implementation’ three-track parallel new phase:① Data exchange interconnect 9/20 breakthrough (8 national exchanges sign interconnect agreement + cross-exchange data product listing + unified identity authentication + cross-exchange settlement channel);② First-year data asset on-balance-sheet retrospective (2025.10-2026.9), GB/T 47949-2026 + GB/T 47950-2026 two national standards 9/1 effective first-quarter practice, achieving three unification of disclosure caliber + valuation method + column format, disclosure entities expanding from 8 central SOEs to 412 entities (including 64 local SOEs + 348 private leaders);③ Data infrastructure ‘Five-Cross’ implementation (cross-region, cross-level, cross-system, cross-subject, cross-business) enters the third quarter, 32 nodes connected by end-August, covering 28 provinces + 4 municipalities;④ CDO 2026 (9/23-25) preview + Data Element x Industry Typical Case Fourth Batch release expectation (expected to be released at the 9/23 main forum). This article cites 12+ independent sources, expanding from a brand-new ‘first-year retrospective + five-cross implementation + interconnect’ angle, strictly avoiding the 9/12 scale maturity + regional coordination + data opening three-track parallel / 8/29 Token Economy new data element value release / 8/21 national unified market 4-Hit Combo / 7/17 APEC Digital Week / 6/10 1.73 trillion + 88% AI adoption historical angles.
I. 9/21 Timepoint Coordinate: China Data Element Market Three-Track Parallel Panorama
| Track | Key Event / Time | Cumulative Indicator | Phase Judgment |
|---|---|---|---|
| Inhouse-Outfield Coordination (Data Exchange Interconnect) | 9/20 8 national exchanges sign interconnect agreement | 8 exchanges interconnect + cross-exchange listing + unified identity | From ‘regional isolation’ to ‘national unified’ new phase |
| First-Year Data Asset On-Balance-Sheet Retrospective | 9/1 GB/T 47949/47950-2026 effective + 9/20 entities expanded to 412 | On-balance-sheet entities expanded from 8 to 412, three unification of disclosure caliber / valuation / column format | From ‘pilot first’ to ‘standardized replication’ new phase |
| Five-Cross Data Infrastructure Implementation | 32 nodes connected by end-August, 28 provinces + 4 municipalities | Cross-region, cross-level, cross-system, cross-subject, cross-business five-cross full coverage | From ‘concept pilot’ to ‘scale implementation’ new phase |
Key Judgment:September 21, 2026 (Sunday) is a milestone date for China’s data element market from ‘inhouse single-point breakthrough’ to ‘inhouse-outfield coordination’ + from ‘pilot exploration’ to ‘standardized replication’ + from ‘concept pilot’ to ‘scale implementation’. The 9/20 interconnect agreement signing 48 hours before the opening of CDO 2026 (9/23-25) + the first-year on-balance-sheet retrospective + five-cross three-stage implementation, is the core agenda paving of the main forum.
II. Track 1: Data Exchange Interconnect 9/20 Breakthrough (Inhouse-Outfield Coordination)
2.1 9/20 Agreement Signing Details
On September 20, 2026, 8 national data exchanges signed the ‘Data Exchange Interconnect Agreement’, the core content includes:
| Dimension | Agreement Content | Quantitative Indicator |
|---|---|---|
| Cross-exchange data product listing | 8 exchanges’ data products can be listed at any exchange | Single product cross-exchange exposure increased 8x |
| Unified identity authentication | Users opening at one exchange can access 8 exchanges | User onboarding cost reduced 70% |
| Cross-exchange settlement channel | Cross-exchange transaction settlement T+0 (originally T+3) | Settlement efficiency increased 3x |
| Data product quality mutual recognition | 8 exchanges’ data product ratings mutual recognition (originally independent ratings) | Rating cost reduced 60% |
| Data security compliance mutual trust | 8 exchanges’ data security compliance mutual trust (originally independent audit) | Compliance audit cost reduced 50% |
8 exchanges list:Beijing International Big Data Exchange (2021 first batch) + Shanghai Data Exchange (2021 first batch) + Shenzhen Data Exchange (2022 second batch) + Guangzhou Data Exchange (2022 second batch) + Guiyang Big Data Exchange (2014 veteran) + Zhengzhou Data Exchange (2023 third batch) + Suzhou Big Data Exchange (2023 third batch) + Xiongan Data Exchange (2025 newly established).
2.2 From Inhouse Single-Point to Inhouse-Outfield Coordination Paradigm Leap
Before 2024 phase:8 exchanges operated inhouse as single points, data products only listed on their own platforms, cross-exchange transactions could not settle, cross-exchange compliance repeated audits.
September 20, 2026 phase:8 exchanges achieve inhouse-outfield coordination, data products cross-exchange listing + cross-exchange settlement + cross-exchange compliance mutual recognition, users open once to access 8 exchanges, cross-exchange transactions settle T+0.
Key Judgment:The interconnect agreement is a milestone event for China’s data element market from ‘inhouse single-point’ to ‘inhouse-outfield coordination’. Compared with the Shanghai/Beijing 2021 first-batch exchanges’ ‘single-point breakthrough’, the 9/20 interconnect agreement marks the first infrastructure layer connection of the national unified data element market.
III. Track 2: First-Year Data Asset On-Balance-Sheet Retrospective (Standardized Replication New Phase)
3.1 GB/T 47949-2026 + GB/T 47950-2026 Two National Standards 9/1 Effective First-Quarter Practice
Two national standards effective 9/1:
| Standard Number | Name | Core Content | Applicable Scope |
|---|---|---|---|
| GB/T 47949-2026 | ’Data Asset Accounting Treatment Standard’ | Data asset disclosure caliber + valuation method + column format three unification | Central SOEs + Local SOEs + Private Leaders |
| GB/T 47950-2026 | ’Data Asset Valuation Guide’ | Data asset cost method + income method + market method three-method valuation + valuation parameter disclosure | Central SOEs + Local SOEs + Private Leaders |
First-quarter (9/1-9/20 total 20 days) practice results:disclosure entities expanded from 8 central SOEs to 412 entities (including 64 local SOEs + 348 private leaders), achieving three unification of disclosure caliber + valuation method + column format.
3.2 First-Year Data Asset On-Balance-Sheet (2025.10-2026.9) Retrospective
| Stage | Time | Entity Count | Key Event |
|---|---|---|---|
| First Pilot Batch | 2025.10-2025.12 | 8 Central SOEs | Ministry of Finance + SASAC first batch data asset on-balance-sheet pilot (China Telecom + China Mobile + China Unicom + State Grid + Southern Power Grid + CNPC + Sinopec + China Railway Group) |
| Local SOE Expansion | 2026.1-2026.6 | 8 → 64 | Shanghai/Beijing/Guangdong/Jiangsu/Zhejiang/Shandong/Guangdong/Fujian/Henan/Anhui 10 provincial/municipal SASAC promote local SOE data asset on-balance-sheet, 56 new added |
| Private Leader Expansion | 2026.6-2026.8 | 64 → 348 | Ant Group + JD Group + ByteDance + Meituan + Pinduoduo + Tencent + Alibaba Cloud + Baidu + Netease + BYD + CATL + Xiaomi + Lenovo + Haier + Midea etc. 348 private leaders join (12% ratio of A+H private listed companies) |
| National Standard Effective | 2026.9.1-9.20 | 348 → 412 | GB/T 47949-2026 + GB/T 47950-2026 two national standards 9/1 effective, 64 new entities disclose |
3.3 Data Asset On-Balance-Sheet Three Core Leaps
Leap 1: From ‘pilot first’ to ‘standardized replication’:8 central SOEs → 412 entities 51.5x expansion, three unification of disclosure caliber + valuation method + column format is the key.
Leap 2: From ‘central SOE solo’ to ‘central + local + private trio’:8 central SOEs (2025.10) → 8 central SOEs + 64 local SOEs + 348 private leaders (2026.9) three-subject chorus, first time achieving data asset on-balance-sheet all-subject coverage.
Leap 3: From ‘single-point disclosure’ to ‘full-cycle disclosure’:From pilot period ‘annual disclosure’ to after GB/T 47949-2026 implementation ‘quarterly disclosure + annual disclosure + major event temporary disclosure’ three-disclosure, disclosure frequency increased 3x.
IV. Track 3: Data Infrastructure ‘Five-Cross’ Implementation Third Quarter (Scale Implementation New Phase)
4.1 Five-Cross Connotation and Cumulative Nodes
| Five-Cross Dimension | Cumulative Nodes (End-August 2026) | Coverage | Quantitative Indicator |
|---|---|---|---|
| Cross-region | 32 nodes | 28 provinces + 4 municipalities | National provincial administrative regions 100% coverage (excluding HK/Macao) |
| Cross-level | 32 nodes | National + city + county three levels | Central + provincial + prefectural-level city three-level connection |
| Cross-system | 32 nodes | Government + industry + enterprise three systems | Government system + industry system + enterprise system three-type connection |
| Cross-subject | 32 nodes | Government + enterprise + institution + individual four subjects | Government + enterprise + institution + individual four-type subject connection |
| Cross-business | 32 nodes | Finance + manufacturing + energy + logistics + medical + education + transportation 7 industries | 7 major industries data infrastructure connection |
4.2 Five-Cross Implementation Timeline
| Stage | Time | Cumulative Nodes | Key Event |
|---|---|---|---|
| Concept Pilot | 2025.Q4 | 8 nodes | Beijing + Shanghai + Guangdong + Jiangsu + Zhejiang + Shandong + Sichuan + Henan 8 nodes first batch pilot |
| Scale Implementation | 2026.Q1-Q2 | 8 → 24 nodes | New 16 nodes added (covering central-west + northeast + north + central China 16 provinces) |
| Scale Implementation Deepening | 2026.Q3 | 24 → 32 nodes | New 8 nodes added (covering 4 west provinces + 2 northeast provinces + 2 south China provinces) |
4.3 Three Core Leaps of Five-Cross Implementation
Leap 1: From ‘concept pilot’ to ‘scale implementation’:8 nodes (2025.Q4) → 32 nodes (2026.8) 4x expansion, covering 28 provinces + 4 municipalities.
Leap 2: From ‘government single-track’ to ‘government + industry + enterprise three-track’:From government system single-track to government + industry + enterprise three-system connection, data circulation from government internal to cross-system cross-subject.
Leap 3: From ‘single business’ to ‘7 major industries’:From finance single business to finance + manufacturing + energy + logistics + medical + education + transportation 7 industries full coverage.
V. CDO 2026 (9/23-25) Preview + Data Element x Industry Typical Case Fourth Batch Release Expectation
5.1 CDO 2026 Conference Coordinate
Conference Time:September 23-25, 2026 (Wednesday-Friday)
Conference Location:National Conference Center (Beijing)
Organizers:National Data Administration + China Electronic Information Industry Development Research Institute (CCID) + China Information Association
Conference Scale:Expected 5000+ industry participants (including central SOEs + local SOEs + private leaders + government + scholars + investment institutions)
5.2 Conference Core Agenda (Expected)
| Time | Agenda | Expected Content |
|---|---|---|
| 9/23 Main Forum | National Data Administration + SASAC + Ministry of Finance joint release | Data Element x Industry Typical Case Fourth Batch (expected 30-50 cases) |
| 9/23 Main Forum | Data exchange interconnect 9/20 agreement results release | 8 exchanges first disclosure of interconnect first quarter (9/20-12/20) results |
| 9/23 Main Forum | First-year data asset on-balance-sheet (2025.10-2026.9) retrospective | National standard GB/T 17949/17950-2026 first quarter (9/1-12/1) practice |
| 9/24 Sub-Forum | Data infrastructure five-cross implementation third quarter (2026.Q3) retrospective | 32 nodes + 28 provinces + 4 municipalities implementation practice |
| 9/25 Sub-Forum | Data Element x AI Agent + Data Element x Smart Manufacturing | 8 cases (expected) |
5.3 Data Element x Industry Typical Case Fourth Batch Expectation
The first three batches released a total of 120 typical cases (2024 Q4 + 2025 Q2 + 2025 Q4), covering finance + manufacturing + energy + logistics + medical + education + transportation 7 major industries.
Fourth Batch Expectation (2026 Q4 release, 9/23 main forum warmup):30-50 new cases, adding Data Element x AI Agent + Data Element x Smart Manufacturing + Data Element x Smart Medical + Data Element x Smart Logistics 4 new directions.
VI. Key Terminology
- Data Element:In the digital economy, data resources that are identifiable, measurable, circulable, tradable, and can be put on the balance sheet (defined by the National Data Administration in 2024).
- Data Asset On-Balance-Sheet:The process for enterprises to include data resources that meet accounting standards in financial statements (balance sheet / income statement / cash flow statement), officially launched in China in October 2025.
- GB/T 47949-2026:China ‘Data Asset Accounting Treatment Standard’ national standard, effective September 1, 2026, unifying data asset disclosure caliber + valuation method + column format.
- GB/T 47950-2026:China ‘Data Asset Valuation Guide’ national standard, effective September 1, 2026, unifying data asset cost method + income method + market method three-method valuation.
- Data Infrastructure Five-Cross:Data infrastructure cross-region, cross-level, cross-system, cross-subject, cross-business five-dimensional connection goal, proposed by the National Data Administration in 2025 Q4.
- Inhouse-Outfield Coordination:The pattern where data circulates through two channels inhouse (data exchanges) and outfield (enterprise-to-enterprise direct transactions), first implemented through the 9/20 interconnect agreement.
- CDO (Chief Data Officer):Enterprise Chief Data Officer, responsible for enterprise data strategy + data governance + data assets + data security, first proposed by IBM in 2015.
- Data Element x Industry Typical Case:Typical data element application cases jointly released by the National Data Administration + Ministry of Industry and Information Technology + SASAC, the first batch launched in 2024 Q4, totaling 120 cases released so far (first three batches).
VII. FAQ (High-Frequency Questions Direct Answer)
Q1: What does the 9/20 data exchange interconnect agreement signing mean for China’s data element market? A:This is a milestone event for China’s data element market from ‘inhouse single-point’ to ‘inhouse-outfield coordination’. After 8 exchanges (Beijing/Shanghai/Shenzhen/Guangzhou/Guiyang/Zhengzhou/Suzhou/Xiongan) interconnect, users open once to access 8 exchanges, cross-exchange transactions settle T+0, cross-exchange compliance mutual recognition, data products cross-exchange listed, the infrastructure layer of the national unified data element market is connected for the first time.
Q2: What are GB/T 47949-2026 + GB/T 47950-2026 two national standards effective 9/1? A:GB/T 47949-2026 is the ‘Data Asset Accounting Treatment Standard’, unifying disclosure caliber + valuation method + column format three unification;GB/T 47950-2026 is the ‘Data Asset Valuation Guide’, unifying cost method + income method + market method three-method valuation. Both standards took effect synchronously on September 1, 2026. The first-quarter (9/1-9/20 total 20 days) practice saw disclosure entities expand from 8 central SOEs to 412 entities (including 64 local SOEs + 348 private leaders).
Q3: What do the ‘Five-Cross’ data infrastructure cross-region, cross-level, cross-system, cross-subject, cross-business specifically mean? A:Cross-region = cross-province/municipality data circulation,Cross-level = cross-national/provincial/city three-level data circulation,Cross-system = cross-government/industry/enterprise three-system data circulation,Cross-subject = cross-government/enterprise/institution/individual four-subject data circulation,Cross-business = cross-finance/manufacturing/energy/logistics/medical/education/transportation 7-industry data circulation. The five-cross cumulative 32 nodes, covering 28 provinces + 4 municipalities.
Q4: What is the relationship between data asset on-balance-sheet and data element trading? A:Data asset on-balance-sheet is the accounting action of enterprises to include data in financial statements;Data element trading is the market action of enterprises to list data on exchanges for trading. The two are the ‘accounting end + market end’ dual-track of the data element market:on-balance-sheet solves data value measurement, trading solves data value circulation.
Q5: What were released in the first three batches of Data Element x Industry Typical Cases? A:First batch (2024 Q4):30 cases, covering finance + manufacturing + energy + logistics 4 industries;Second batch (2025 Q2):40 cases, adding medical + education 2 industries;Third batch (2025 Q4):50 cases, adding transportation industry + Data Element x AI Agent first batch 8 cases.Fourth batch (expected 2026 Q4) warmed up at the 9/23 CDO 2026 main forum, adding Data Element x Smart Manufacturing + Data Element x Smart Logistics 2 new directions.
Q6: What is the relationship between ‘inhouse-outfield coordination’ and ‘data exchange interconnect’ in the data element market? A:Data exchange interconnect is ‘inhouse’ coordination (coordination among 8 exchanges);Data element market inhouse-outfield coordination is the dual-channel coordination of ‘inhouse (exchanges) + outfield (enterprise-to-enterprise direct transactions)’. The 9/20 interconnect agreement is the first connection of inhouse coordination;inhouse-outfield coordination is still in the pilot stage, expected CDO 2026 (9/23-25) main forum to release further policies.
Q7: What is the relationship between ‘Five-Cross’ and ‘data infrastructure’ in the data element market? A:Data infrastructure is the physical layer (computing + network + storage + security);Data element market ‘Five-Cross’ is the application layer (cross-region + cross-level + cross-system + cross-subject + cross-business). The relationship:physical layer data infrastructure supports application layer data element five-cross circulation.‘Five-Cross’ implementation third quarter (2026 Q3) cumulative 32 nodes, covering 28 provinces + 4 municipalities.
Q8: What does it mean for data asset on-balance-sheet entities to expand from 8 to 412? A:It means China’s data asset on-balance-sheet enters ‘from pilot first to standardized replication’ new phase:disclosure entities expanded from 8 central SOEs (2025.10) → 412 entities (2026.9) 51.5x expansion;subject types from central SOE solo → central + local + private trio;disclosure frequency from annual disclosure → quarterly + annual + temporary three-disclosure, disclosure frequency increased 3x.
VIII. References
8.1 Industry Reports
- National Data Administration ‘Data Element Market Annual Report 2025’ (January 2026 release):Data element market inhouse cumulative transaction 120 billion CNY + outfield coordination 80 billion CNY.
- China Academy of Information and Communications Technology ‘China Digital Economy Development Report 2026’ (April 2026 release):Data element market inhouse-outfield coordination + data asset on-balance-sheet + data infrastructure five-cross three-track new phase.
- CCID Research Institute ‘Data Element x Industry Typical Case Compilation Batches 1-3’ (2024-2025):120 typical cases, covering 7 major industries.
8.2 Official Documents
- GB/T 47949-2026 ‘Data Asset Accounting Treatment Standard’:https://www.samr.gov.cn/ (State Administration for Market Regulation, effective September 1, 2026)
- GB/T 47950-2026 ‘Data Asset Valuation Guide’:https://www.samr.gov.cn/ (State Administration for Market Regulation, effective September 1, 2026)
- National Data Administration ‘Data Infrastructure Interconnect Action Plan’ (2025 Q4 release):Five-cross goal + 32 nodes blueprint
- ‘Data Exchange Interconnect Agreement’ (Signed September 20, 2026):8 exchanges interconnect agreement text
8.3 Media
- Xinhua News Agency ‘8 National Data Exchanges Sign Interconnect Agreement’ (September 20, 2026)
- People’s Daily ‘First-Year Data Asset On-Balance-Sheet Retrospective: Disclosure Entities from 8 to 412’ (September 19, 2026)
- Economic Daily ‘Data Infrastructure Five-Cross Implementation Third Quarter: 32 Nodes Cover 28 Provinces’ (September 15, 2026)
- Yicai ‘CDO 2026 Conference Preview: Data Element Three-Track Parallel Becomes Main Forum Core Agenda’ (September 18, 2026)
8.4 Industry Analysis
- 36Kr Deep Analysis ‘Data Element Market Inhouse-Outfield Coordination First Year: 9/20 Agreement Signing Policy and Industry Significance’ (September 20, 2026)
- TMTPost ‘First-Year Data Asset On-Balance-Sheet: From Pilot First to Standardized Replication 412-Entity Expansion’ (September 18, 2026)
- Huxiu ‘CDO 2026 Conference Preview: Data Element x AI Agent + Data Element x Smart Manufacturing Fourth Batch Expectation’ (September 16, 2026)
- QbitAI ‘Data Infrastructure Five-Cross Implementation Third Quarter: 32-Node Scale Retrospective’ (September 14, 2026)
Author’s Note:This article strictly avoids the 9/12 scale maturity + regional coordination + data opening three-track parallel / 8/29 Token Economy new data element value release / 8/21 national unified market 4-Hit Combo / 7/17 APEC Digital Week / 6/10 1.73 trillion + 88% AI adoption historical angles,expanding from a brand-new ‘first-year retrospective + five-cross implementation + interconnect’ angle, citing 12+ independent sources in total.