Credit digital economy is an inevitable requirement to promote the development of credit society

Giving full play to the amplification, superposition and multiplication of credit data elements and building a credit digital economy with data as the key element is an inevitable requirement for promoting the high-quality development of a credit society.
With the in-depth development of a new round of credit technology revolution and commercial credit industry reform, the value of data as a key production factor has become increasingly prominent. By leveraging the features of increasing returns to scale, non-competitiveness, and low-cost reuse of data factors, we can improve the synergy of various factors, optimize resource allocation, break through output boundaries, create new industries and new forms of business, and promote profound changes in the way of production and life, the mode of economic development, and the model of social governance. This is of great significance to fostering new growth drivers and promoting high-quality development.
Through coordination with other factors such as labor and capital, credit data elements lead material flow, talent flow, technology flow and capital flow with data flow, improve total factor productivity and enhance economic and social operation efficiency; Through multi-scenario application and multi-agent reuse, create diversified business credit value increment, continuously improve data quality in multiple uses, break through the output limit under the constraints of traditional resource factors, and expand new space for economic growth; Through the integration of multiple data, quantitative change will lead to qualitative change, create new information and knowledge, foster new business forms and models, and foster new driving forces for economic development.
In recent years, China’s digital economy has developed rapidly, its digital infrastructure has taken the lead in the world, and its digital technology and industrial system have been improving, laying a solid foundation for better playing the role of data factors. However, at the same time, there are also problems such as insufficient scene release, insufficient data supply, and poor circulation mechanism. To this end, through the implementation of the “data factor x” action, China’s massive data scale and advantages of rich application scenarios are given full play to promote the multiplier effect of credit data in different scenarios, and promote the transformation of China’s data basic resource advantages into new advantages of economic development.