China has launched its first state-owned enterprise dedicated to data integration and technology, aimed at boosting the nation’s digital transformation. With a capital of 10 billion yuan (about US$1.37 billion), the enterprise will facilitate data sharing across sectors like transportation and logistics. Key shareholders include China Poly Group and TravelSky Technology. SASAC chairman Zhang Yuzhuo emphasized its potential to enhance competitiveness and innovation. The company is strategically located in Shanghai to leverage its robust trade infrastructure and address common data barriers.
China has proudly introduced its inaugural state-owned enterprise focused on data integration and technology, marking a significant step in the nation's digital transformation journey. This initiative underscores the increasing importance of digitalization in driving economic progress.
The new enterprise, established under the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), boasts a registered capital of 10 billion yuan (approximately US$1.37 billion). Its mission is to create a comprehensive platform for data sharing across various sectors, including highways, railways, waterways, aviation, and ports.
The announcement was made on Thursday, with key strategic shareholders such as China Poly Group, China Railway Materials, TravelSky Technology, and Shanghai Data Group participating in this exciting venture.
“The new company will deepen the work of developing and using data, lower the cost of logistics, and create a more competitive and innovative servicing ecosystem,” stated Zhang Yuzhuo, chairman of SASAC, during the unveiling ceremony in Shanghai, according to state media.
As China continues to enhance its digital economy and support platform companies, integrating digital innovations into the broader economy is anticipated to generate new growth opportunities. Since 2019, SASAC has actively worked on reforming state-owned enterprises by enhancing their technological capabilities and increasing their economic impact.
On a global scale, this new corporation is set to play a crucial role in bridging China with international markets, while also upgrading global supply chains. This aligns with the national development goals of the Belt and Road Initiatives and other international projects.
“Right now, a key obstacle for commercialising data in China is that ‘data silos’ are still quite common, restricting the potential for data to be shared and utilised,” remarked Robert Wu, CEO of BigOne Lab, a company specializing in alternative data and research. He emphasized that the new enterprise should help dissolve these data barriers.
Wu highlighted that the decision to establish the company in Shanghai was strategic, given the city's status as a vibrant hub with extensive port facilities and dynamic cross-border trade activity.
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