In December 2022, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Building a Data Infrastructure System to Better Play the Role of Data Elements", proposing to focus on data property rights, circulation and transactions, income distribution, and security governance, and preliminarily establish a data infrastructure system. In January 2024, the National Data Administration and 17 other departments jointly issued the "Data Element X" three-year action plan (2024-2026), emphasizing the full play of the multiplier effect of data elements in key application areas and the release of data element value. These documents emphasize the importance of data as a new type of production factor and make strategic deployments to promote the circulation of data elements. A compliant, efficient, secure, and orderly data transaction rule system is an important guarantee for the circulation of data elements. In recent years, Guangdong has established the Guangzhou Data Exchange, which has achieved some results in providing full cycle services for data circulation and trading, efficient aggregation and compliant circulation of data assets. However, the transaction scale of data element circulation is not large, the number of products is limited, and the circulation process still faces many difficulties, requiring continuous exploration and innovation. A compliant, efficient, secure, and orderly data transaction rule system is the core link of data circulation. With the acceleration of digitalization, the importance of data elements has become increasingly prominent, becoming one of the key driving forces for promoting economic and social development. With the strong support of the country, active exploration by provinces and cities, and joint efforts by enterprises to explore and innovate, the construction of the data element market is accelerating its pace of exploration. However, due to the characteristics of data elements such as easy replicability, complex property ownership, and involvement in information security and personal privacy, their circulation is more complex compared to traditional elements. Although the number of products on sale in the data trading market is gradually increasing, the number of high-quality products listed is relatively small, with fewer transactions and lower transaction limits. Due to the increasing demand, data trading is still mainly conducted through over-the-counter trading. The cost of connecting the supply and demand sides of over-the-counter transactions is high, the efficiency is low, and it is difficult to regulate. Therefore, further standardizing the data trading rule system and guiding both supply and demand sides to enter the market for transactions has become an urgent task. In this process, building a compliant, efficient, secure, and orderly data transaction rule system has become a key strategy to break through the situation, providing strong support for the high-quality development of the data element market. This is an important lever to tackle the challenges of data transaction security and privacy, and promote the development of the data element industry. According to data from the National Industrial Information Security Development Research Center, during the 14th Five Year Plan period, the market size of data element circulation in China has even reached between 500 billion and 1 trillion yuan, and the standardized development of data element circulation transactions will face greater challenges and tests. Although the data element market system in China has initially formed, the data element trading market is still in a relatively early exploration stage, and there is an urgent need to explore a complete trading rule system. Only by accelerating the construction of a compliant, efficient, secure and orderly data transaction rule system can we promote more data resources to enter the data element market in a standardized and secure manner. This is a key path to improving the quality of data products and transaction efficiency. In recent years, the Central Committee of the Communist Party of China and the State Council have proposed from a strategic perspective to "accelerate the cultivation and development of a data element market.". In this context, all parties are actively exploring the entry of data assets into the balance sheet, evaluation of data assets, and data transactions, all of which require the support of a compliant, efficient, secure, and orderly data transaction rule system. As soon as possible, filling the gaps in the standardization of data transactions is beneficial for the development and listing of more high-quality products, as well as for the efficient matching of data supply and demand. This will enable Guangdong to strive for a first mover advantage in exploring the data element circulation system and lead the country. This is an important foundation for the Guangdong Hong Kong Macao Greater Bay Area to take the lead in exploring cross-border data transactions. The Opinion on Building a Data Infrastructure System to Better Play the Role of Data Elements proposes to establish a data security, compliance, and orderly cross-border circulation mechanism, participate in the formulation of international rules and data technology standards for data flow, and explore secure and standardized cross-border data flow methods. As one of the most active and open regions in China's economy, the Greater Bay Area has shown a thriving trend in data element trading, making it the best experimental field for exploring cross-border data flow mechanisms. Starting from the practical needs of the development of the digital economy in the Greater Bay Area, Guangdong should accelerate the construction and application of cross-border data transaction rule systems, draw on the excellent experience of international data cross-border circulation and relevant judicial cases, and further clarify the key and difficult points of constructing cross-border data transaction rule systems. Strengthen the compliance management of cross-border circulation of data elements, propose targeted solutions to cross-border data transaction problems, and provide professional guidance for enterprises exploring the international market of the digital economy to solve data transaction problems. Establishing a compliant, efficient, secure, and orderly data transaction rule system can provide cross-border enterprises with standardized and unified data products, reduce the problem of inconsistent cross-border data transaction rules, promote the development of cross-border data transaction markets, and explore potential demand. To provide Guangdong solutions for building a compliant, efficient, secure, and orderly data transaction rule system, exploration of data transactions is currently underway in cities such as Beijing and Shanghai. Guangdong is at the forefront of the country in digital economy, international trade, manufacturing, and other areas. There is a strong demand for data circulation, and its location is conducive to exploring cross-border data circulation. Therefore, it should continue to play a leading role, take the lead in exploring the construction of a compliant, efficient, secure, and orderly data transaction rule system, promote the high-quality development of the digital economy, and provide reference solutions for the whole country. One is to improve the registration system for data products. The primary task of building a compliant, efficient, secure, and orderly data transaction rule system is to establish standards and norms for data transaction product registration, and improve the data transaction product registration system. Currently, multiple provinces and cities are exploring relevant systems for data property rights or product registration. Regardless of the titles "data asset registration", "data asset voucher", or "data property registration", they all focus on exploring registration rules based on the different attributes of data products, and have not yet reached a consensus. As the market continues to compete and evolve, individual rules will eventually become mainstream rules. The relevant supporting systems still need to be further improved, such as requiring third-party service agencies to participate in the evaluation; The construction of a unified large market requires nationwide data registration services or public certification platforms. At present, Guangzhou Data Exchange has launched a pilot program for data asset registration, and nearly 200 data product registration certificates have been successfully issued. The second is to establish a data product standard system. The standardization of data products is key to ensuring the quality, interoperability, and low cost of data usage. The data product standard system is a comprehensive system that covers multiple aspects such as data resources, data architecture, data standardization, and quality management. In recent years, a number of data trading platforms have emerged in China, but currently, these platforms have inconsistent product standards, which is not conducive to the efficient flow of data products and cannot fully leverage the scale effect of the platforms. The construction of a data product standard system is a powerful measure to improve market efficiency and ensure the healthy and orderly development of China's data trading market. It is also an important support for building a unified national market for data product trading. The third is to establish industry standards for data review. Developing a series of standards such as security review standards, privacy review standards, and outbound review urgently requires joint efforts and cooperation from multiple parties, and requires the active participation and support of government departments, industry associations, enterprises, and other parties. There are internationally renowned digital economy enterprises in the Greater Bay Area, represented by Tencent and Huawei, with a significant amount of cross-border data trading business. The demand for a cross-border data trading rule system is increasing day by day. The exploration of data trading in the Guangdong Hong Kong Macao Greater Bay Area will have a broader international impact and significance. The fourth is to accelerate the theoretical innovation and achievement transformation of data elements. With the continuous development of data circulation, traditional institutional frameworks have become difficult to adapt to new needs. Therefore, it is necessary to continue conducting theoretical research on data circulation, exploring new institutional models and operating mechanisms, and providing strong institutional guarantees for data circulation. Support relevant innovation teams to conduct theoretical research on data product elements. Explore cutting-edge issues in the field of data products, promote theoretical research and academic innovation, and provide theoretical support for industry development. The fifth is to establish a talent training mechanism for the data industry. The Action Plan for Accelerating the Cultivation of Digital Talents to Support the Development of the Digital Economy (2024-2026) proposes to carry out multiple actions such as the cultivation, introduction, retention, and full play of digital talents. Guangdong can utilize its advantages in digital economy, educational resources, and other areas to explore talent cultivation mechanisms in the data industry. On the one hand, encourage relevant enterprises and universities to carry out order based talent cultivation, integrate the latest theories and practices of data elements into university classrooms, and cultivate a group of talents in the field of data element circulation as soon as possible. On the other hand, organize relevant corporate executives to receive training and continuously improve their digital skills and abilities. (Lai Xin She)