China's central bank, together with eight other central government departments, recently issued a joint notice to promote the development and use of data in technology finance, with the intention of addressing information asymmetry in the fintech sector to support the country's pursuit of high-level technological self-reliance.
Authorities also released the first version of a national catalogue for data development and utilization in technology finance, which covers eight categories and 26 indicators, including lists of technology enterprises, technological innovation attributes, research and development spending, intellectual property and innovation capability assessments.
According to the notice, the People's Bank of China and relevant authorities will support local governments in developing technology finance data utilization frameworks with regional characteristics, and in building a provincial-level supporting information infrastructure. They will also strengthen the interconnectivity of existing information system resources to facilitate data aggregation and sharing.
Local governments are encouraged to provide authorized information access channels for technology companies and promote services such as information inquiries and joint data modeling. Authorities will launch pilot programs for the innovative development of trusted data spaces in technology finance and encourage qualified regions to make corporate cash-flow data more accessible. They will also establish industry information exchange platforms to enable cross-regional sharing and efficient matching of technology finance data resources.
