China Issues First Batch of Data Property Rights Certificates to 56 Entities

China is formalising data as an asset class with legally recognised holding, use and operating rights — a prerequisite for pricing, collateralising and trading data at scale. The 56 recipients are the first to hold paper that could eventually underpin data-backed financing, though the certificates define rights rather than value. The open question is whether registration expands beyond pilot batches and whether these rights become tradable or financeable instruments, which would make data a genuine balance-sheet asset.