Xi Jinping, general secretary of the Communist Party of China Central Committee, stressed on June 22 the need to ensure the efficient flow and use of data in order to empower the real economy and to better protect national data security, personal information and commercial secrets.

Presiding over a meeting of the central commission for deepening overall reform, Xi, who is the head of the commission, said the development of a fundamental data system is an issue related to national development and overall security.

He called for quicker steps in developing a set of fundamental systems on data, with coordinated steps to promote data property rights, its flow and transactions, as well as the allocation of earnings and security governance.

The need to develop a data property rights system was stressed by members of the commission to promote the authorized use of public data, business data and personal data.

It is important to establish an efficient system that enables the flow and trading of data elements and a standardized data trading market, the commission said.

It called for steps to refine the market allocation system for data elements, enable the government to play a better role in guiding and adjusting their distribution, and establish a system for the distribution of earnings.

The government will ensure that security is prioritized throughout the process of data governance, to make its redlines clear and strengthen law enforcement and judicial efforts in key sectors, they added.

During the meeting, Xi also urged that steps be taken to encourage the nation's large platform companies in the field of payment and financial technology to return to their roots, with steps to refine supervisory rules and close institutional loopholes, and ensure that they guarantee the security of payment and financial infrastructure.

He pledged to support such companies in playing a bigger role in serving the real economy and ensuring unimpeded domestic and international circulation.

The policymakers called for steps to include the financial activities of platform companies, including payment services, under government oversight, saying that all financial service providers must be licensed.

It is important to improve regulations and mechanisms in the payment services and risk prevention systems, commission members said, adding that the oversight of financial holding companies and the activities of platform companies holding shares in these financial institutions must be strengthened.

The oversight of internet loans, deposits, insurance, securities and funds must be stepped up, the policymakers said.

To protect the legitimate rights of consumers, the commission pledged to strengthen antitrust and unfair competition oversight of platform companies. Platform companies will be subject to heightened supervision over their collected data to prevent the abuse of big data and algorithms, they said.

The meeting urged relevant departments to better perform their duties, enable stronger coordination between the central government and local authorities and investigate illegal financial activities in accordance with the law.