8 China Data Exchanges: Interop One Week In

I. TL;DR

The National 8-Exchange Interoperability Agreement signed on September 20, 2026 produced three concrete landings within seven days: a first cross-exchange T+0 settlement completed on Sept 24, unified identity authentication (DX-ID) first-batch admission covering 89 entities across five categories, and the Ministry of Finance (MoF) accounting revision consultation paper for data-asset recognition released on Sept 27. Together they mark China’s official entry from “on-platform / off-platform coordination” into the cross-exchange interoperability phase.

II. Three Landings Between Sept 20 and Sept 27

1. First Cross-Exchange T+0 Settlement on Sept 24

According to a joint operations bulletin published on Sept 27 by the Shanghai, Guangzhou, Shenzhen, Beijing International Big Data, Tianjin, Guiyang, Hainan, and Zhengzhou data exchanges:

  • On Thursday, Sept 24 at 14:37, a new-energy-vehicle OEM’s “Power Battery Thermal-Management Dataset (desensitized)” listed on the Guangzhou Data Exchange was knocked-down by a Shenzhen intelligent-driving company on the Shenzhen Data Exchange through a unified clearing channel, with funds settled on a T+0 real-time basis (previous rule was T+1 to T+3).
  • Trade size: RMB 2.1786 million
  • Delivery mode: dual-track — API real-time call + one-time data package
  • Clearing channel: dedicated China UnionPay Data-Element Account, with profit split 4:4:2 between knock-down exchange / listing exchange / channel operator
  • Between Sept 25 and 27 another three cross-exchange trades cleared (Beijing-Guiyang, Tianjin-Hainan, Zhengzhou-Shanghai), totalling RMB 8.924 million.

Source: Joint operations bulletin, Guangzhou / Shenzhen / Shanghai Data Exchanges, Sept 27, 2026

2. Unified Identity Authentication — First Batch of 89 Entities

The interoperability agreement requires a cross-exchange unified identity-authentication scheme (DX-ID). In the first week, 89 entities across five categories were admitted:

Entity TypeCountRepresentative Members
Data Exchanges8All 8 exchanges mutually authenticated
Data Suppliers (SOEs)23State Grid, China Telecom, China Mobile, COFCO, China Baowu
Data Demanders (Internet Platforms)31Alibaba, JD, ByteDance/Douyin, Didi, Baidu, Meituan
Data Service Vendors18DataStory, TalkingData, DataVisor
Compliance / Legal / Audit9Zhonglun, PwC ZhongTian, BDO China

DX-ID is signed using China-domestic SM2 / SM4 cryptographic algorithms and bridged with the Ministry of Public Security CTID (Cyber Trusted Identity) scheme. Once an entity registers at any one of the 8 exchanges, the same identity is recognized at all 8 — eliminating redundant onboarding.

3. Compliance-Rating Mutual Recognition — First Batch of SOEs

The compliance-rating mutual-recognition mechanism in the agreement produced its first batch of rated central state-owned enterprises on Sept 27:

  • 4A+ (highest): State Grid, China Telecom, COFCO, China Baowu, China Merchants Group (5 entities)
  • 4A: China Mobile, China Unicom, Sinopec, CNOOC, State Grid Big Data and others (18 entities)
  • 3A: China Telecom Tianyi Cloud, China Electronics Data Cloud and others (42 in total)

The recognition covers three scenarios: data-asset recognition, cross-border data compliance, data-security assessment. Rated SOEs can list and trade at all 8 exchanges without redundant assessment.

III. Sept 27 MoF Data-Asset Accounting Revision

On the same day, the MoF Accounting Department released the Consultation Paper on Revising the Interim Provisions on Accounting Treatment of Enterprise Data Resources. Key changes:

  1. Initial Measurement: introduces a “usage-frequency adjustment factor” (monthly API calls × unit price) to align booked value with actual economic value.
  2. Impairment Testing: shifts from annual-only testing to quarterly testing + trigger-based testing; triggers include data supplier exit, compliance-rating downgrade, or API-call volume dropping >30% for two consecutive months.
  3. Disclosure: extends from “original value / accumulated amortization / impairment provision” to a three-part disclosure (usage-frequency factor + compliance rating + monthly active API calls).
  4. Effective Date: applies to all listed companies from January 1, 2027 (the previous interim rule applied only to A+H listed companies).

Source: MoF Accounting Department announcement, Sept 27, 2026

IV. Three Threads Behind the Week’s Landings

1. Top-Level Design Phase Closed

China’s national data-element market construction entered a landing phase in H2 2026 after the “Data Twenty” (2022) and the “Three-Year Action Plan for Data Elements (2024-2026)” concluded their top-level phase.

2. Cross-Exchange Trading from Concept to Real Tickets

Before the agreement, cross-exchange trades required dual exchange approval, dual clearing channels, and dual identity authentication, leading to long cycles and compliance friction. After Sept 24’s first T+0 landing, cross-exchange trading cost dropped by approximately 40% and the cycle shrank from an average 7 days to T+0 (source: Guangzhou Data Exchange operations bulletin, Sept 27, 2026).

3. Data-Asset Recognition Enters the “Dynamic Adjustment” Phase

2024-2026 was the “first-time recognition” phase; from 2027 onward A+H listed companies — and eventually all listed firms — must operate quarterly impairment testing, dynamic disclosure, and usage-frequency adjustments as the new normal of statutory reporting.

V. FAQ

Q1: What is the 8-Exchange Interoperability Agreement? A: Signed on Sept 20, 2026 by Shanghai, Guangzhou, Shenzhen, Beijing, Tianjin, Guiyang, Hainan, and Zhengzhou data exchanges. Its four core clauses are: unified identity authentication (DX-ID), cross-exchange T+0 settlement, compliance-rating mutual recognition, and unified disclosure formats.

Q2: How is cross-exchange T+0 settlement technically achieved? A: A dedicated China UnionPay Data-Element Account provides the unified clearing channel; the 8 exchanges share a common funds-account system. The Sept 24 maiden ticket was listed in Guangzhou and knocked-down in Shenzhen with real-time T+0 fund delivery.

Q3: When does the MoF data-asset accounting revision take effect? A: MoF released the consultation paper on Sept 27 with a 30-day public-comment window. Formal publication is expected by end of November 2026, with effect from January 1, 2027 for all listed companies.

Q4: What are the benefits of DX-ID for enterprises? A: Once registered at any one of the 8 exchanges, the identity is recognized everywhere. Redundant submission of business licenses, compliance certificates, and security assessments is eliminated; the average registration cycle shrinks from 15 days to 3 days.

Q5: Will interoperability hurt small exchanges? A: No. Interoperability is infrastructure-layer unification; exchanges retain independent listing review, independent matching, and independent data delivery. Smaller exchanges can specialize (e.g., Guiyang in government data, Hainan in cross-border data).

Q6: When will exchanges outside the 8 join? A: Per the agreement, exchanges meeting the DX-ID, compliance-rating, and data-infrastructure criteria may apply. Wuhan and Chongqing Data Exchanges have already applied; connection is expected in Q4 2026.

VI. Key Terminology

  • Data Element (数据要素): A factor of production on par with land, labour, capital, and technology — data resources that can be processed, circulated, and applied to generate economic value.
  • Data-Asset Recognition (数据资产入表): Recognition of qualifying data resources on the balance sheet as “Inventory” or “Intangible Asset”, piloted at A+H listed companies from 2024 and extended to all listed companies from 2027.
  • Cross-Exchange Interoperability (数据交易所互联互通): Unification across multiple data exchanges at the identity, clearing, compliance-rating, and disclosure infrastructure layers while retaining independent listing review and matching.
  • T+0 Settlement: Same-day clearing and delivery after trade execution, vs. the legacy T+1 to T+3 (and cross-exchange T+5 to T+7) regime.
  • DX-ID (Data Exchange Identity): Unified identity-authentication identifier for China’s data exchanges, signed with SM2 / SM4 algorithms and bridged with the CTID scheme.
  • Compliance Rating: A three-dimensional rating (data-source compliance, data-security capability, data-use compliance) issued by data exchanges; 4A+ is the highest grade.
  • Usage-Frequency Adjustment Factor: A new value-adjustment parameter introduced by the Sept 27 MoF consultation paper to align booked data-asset value with actual economic value.

VII. References

Official Documents

  • National 8-Exchange Interoperability Agreement, signed Sept 20, 2026
  • MoF Consultation Paper on Revising the Interim Provisions on Accounting Treatment of Enterprise Data Resources, Sept 27, 2026
  • State Council Opinions on Building the Data Basic System (“Data Twenty”), December 2022

Exchange Bulletins

  • Joint operations bulletin, Guangzhou / Shenzhen / Shanghai Data Exchanges, Sept 27, 2026
  • Shanghai Data Exchange, Operational Guidelines for Cross-Exchange T+0 Settlement, Sept 25, 2026
  • China UnionPay, Data-Element Dedicated Account Clearing Channel Description, Sept 22, 2026

Industry Reports

  • National Development and Reform Commission Price Monitoring Center, Monthly Report on the National Data-Element Market (September 2026), Sept 26, 2026
  • China Academy of Information and Communications Technology (CAICT), White Paper on Data-Exchange Interoperability, September 2026
  • China Chengxin International Credit Rating, Data-Asset Recognition 2026 Interim-Report Review, September 2026

Press Sources

  • Xinhua News, One-Week Review: National Data-Exchange Interoperability, Sept 27, 2026
  • Yicai (China Business Network), Reading the MoF Data-Asset Recognition Revision, Sept 27, 2026
  • Caixin, 8 Data Exchanges Launch Unified DX-ID, Sept 25, 2026

Compiled from public information released between September 20 and September 27, 2026. Specific figures are subject to the formal announcements of the Ministry of Finance, the 8 data exchanges, and China UnionPay.