China Launches State-Owned Data Group to Boost Digital Economy and AI Sector

China has established a new state-owned enterprise named the National Data Group Company to manage data resources across the country. The move is designed to enhance national digital capabilities and drive progress in the artificial intelligence sector. Officials stated that the initiative plays a critical role in building national competitive advantages and accelerating the Digital China project. The official launching of the enterprise took place in the Xiongan New Area, located in northeastern Hebei province. Known as a hub designated to receive state-owned institutions relocated from Beijing, Xiongan is shifting toward fostering indigenous industries and attracting technical businesses. Officials aim to develop local technology firms focusing heavily on target fields such as artificial intelligence, satellite internet, and robotics. Under these development plans, administrators in Xiongan intend to attract and cultivate technology companies capable of reaching market valuations of up to 10 billion yuan in the coming years. Officials are also eyeing future stock market listings for these enterprises on major financial exchanges, including a prominent Asian financial hub's stock exchange, to expand the region's commercial infrastructure.