Source: Hong Kong Government special administrative region
LCQ14: Building a data trading ecosystem
Question:
The Financial Secretary has indicated in the 2024-2025 Budget that the Government has commissioned an expert group to undertake an in depth study on how to develop a robust data trading ecosystem in Hong Kong. In this connection, will the Government inform this Council:
(1) The Innovation, Technology and Industry Bureau and the Cyberspace Administration of China signed the “Memorandum of Understanding on Facilitating Cross-boundary Data Flow within the Guangdong-Hong Kong-Macao Greater Bay Area” in June 2023, and jointly announced the facilitation measure on the “Standard Contract for the Cross-boundary Flow of Personal Information within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong)” (the GBA Standard Contract) in December 2023 to facilitate cross boundary flow of personal information from the Mainland cities in the GBA to Hong Kong and streamline the relevant arrangements.
| Sector(2) With the acceleration of global digital transformation, data has become a key production factor, and a highly efficient data ecosystem is one of the key factors attracting enterprises to establish a foothold in Hong Kong. Hong Kong is underpinned by its distinctive advantages under “one country, two systems” and endowed with the characteristics of an international city. From supply and demand of data to application scenarios, Hong Kong is equipped with a robust foundation and possess an abundance of favourable conditions for promoting the development of data ecosystem.
The Financial Secretary announced in the 2024-25 Budget that an expert group, comprising professionals from sectors such as information technology, commerce and industry, finance and data sources, is commissioned to study how to develop a robust data trading ecosystem in Hong Kong. This includes Hong Kong’s role as a “super connector” in data trading, the prerequisites, rules, and measures for promoting international data trading, as well as feasible implementation models. The study also covers key issues related to data trading, including data format standardisation, data pricing mechanisms, and data security protection, etc. The expert group is conducting a consultancy study on these topics and is expected to complete work and submit recommendations to the Government within 2025-26.Issued at HKT 11:51 NNNN |