The unveiling ceremony for Shandong Data Trading Co Ltd was held on Dec 11 in Jinan, capital of East China's Shandong province.

The company, approved by the People's Government of Shandong Province, was jointly established by the Shandong Property Rights Exchange Center, the Qilu Transportation Information Group, the Shandong Branch of China Unicom, the Shanghai Data Exchange Crop, and the Shandong MassClouds Co.

The newly-established company will serve as a provincial-level comprehensive data service platform for data trading, the development of data products and applications, and resource sharing.

Local officials said that the company will help standardize data transactions in Shandong, protect the legitimate rights and interests of all involved parties, and promote the orderly flow of data.

The company will also work with well-known big data trading platforms to explore and develop a regional data trading and circulation consortium, promote cross-provincial data trading, and contribute to the development of "Digital China".

The East China Data Union was also established by the company in partnership with data centers from Shanghai, Jiangsu, and Anhui to promote the coordinated development of the data industry in East China.

Big data is considered a strategic resource in many countries due to its increasing importance to daily life, and it is characterized by explosive growth and large-scale aggregation, which has had a significant impact on economic development, social and national governance, and people's daily lives.