US urged to follow China’s lead in treating data as an economic asset
A U.S. congressional advisory body has urged the government to develop a national data strategy that treats data as a strategic economic asset, similar to China's approach. The report warns that failing to do so could result in the U.S. losing global leadership in emerging technologies like AI.
Why it matters
Data is increasingly viewed as the 'new oil' for the digital economy, and national policies regarding its use are critical for geopolitical and technological competitiveness.
As China deepens the commercialisation of its vast troves of data, the United States needs to develop its own national data strategy that treats data as an economic asset to better position itself to prevail in emerging technologies such as artificial intelligence and robotics, a key US congressional advisory body has said.
In a report published on Tuesday, the US-China Economic and Security Review Commission (USCC) warned that the US risks ceding global leadership in setting global data standards to China, which would give Chinese firms an advantage over their US counterparts in industries where data is a central pillar of development.
“Standards are difficult to revise once adopted,” the report said. “Engaging now would be more effective than seeking to unwind an established standard later.”
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