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Shanghai's high hopes for Big Data hub

    Shanghai expects its new Big Data exchange to be the biggest nationwide as it taps the city’s plan to build itself into an international financial center and a global science and innovation center, government officials said yesterday.

    The Shanghai Data Exchange in Jing’an District will take advantage of data analysis technologies to boost the economy and improve urban management, the officials said.

    Shanghai will ride on the back of the city’s strategy of financial and innovation centers to propel the Big Data exchange to become the biggest in the country, said the Shanghai Commission of Economy and Information Technology.

    Bank of Shanghai also announced a credit of 2 billion yuan (US$309 million) to the Shanghai Data Exchange Corp, the operator of the exchange. The exchange and a newly formed Big Data industrial alliance are located in the northern part of Jing’an District, where over 150 Big Data and cloud computing firms are sited.

    The exchange, open to organizations only, will charge fees on a case-by-case basis. Companies and organizations can use it to buy data via authorized channels at reasonable prices.

    Big Data market revenue in China is set to rise from 10.2 billion yuan last year to 17 billion yuan in 2017, said Beijing-based Analysys International.

    Most data in China are isolated within companies and can’t be shared without a third-party platform. Isolated data have limited value. The exchange makes the data connected and useful in the economy, said the commission.