China has set up a new state-owned enterprise dedicated to managing the country’s massive data resources, a significant move designed to turbocharge the nation’s artificial intelligence industry and bolster its digital economy.
The National Data Group Co – based in China’s “city of the future”, Xiongan New Area in northern Hebei province – is tasked with “developing and utilising data resources, unlocking the value of data elements, serving AI development and fostering a data industry ecosystem”, according to a report by state news agency Xinhua.
Vice-Premier Ding Xuexiang attended the company’s launch ceremony on Tuesday. Ding described the creation of the state-owned company as a “major strategic decision” made by the party leadership, led by President Xi Jinping.
The move was crucial for China to “seize the initiative in AI development, accelerate the construction of a ‘digital China’, and build new national competitive advantages”, Xinhua quoted Ding as saying.