Core Insights - The article emphasizes the importance of data as a new production factor in the digital economy, often referred to as "the new oil" [1] - The 2025 "Data Element ×" competition showcased nearly 900 projects, highlighting the growing significance of data in driving innovation across various industries [1][4] Industry Innovation - The competition aligns with China's "14th Five-Year Plan," which aims to deepen the integration of the digital economy with the real economy, fostering new industries and business models through data utilization [1] - Weichai Power has broken the world record for internal combustion engine thermal efficiency four times since 2020, with a new engine achieving 53.09% efficiency in 2024, supported by a high-quality data collection network [2] - In the healthcare sector, Shanghai Shenkang Hospital Development Center has established a national medical big data training facility, integrating data from 37 top-tier hospitals to support AI in medical applications [3] Data Utilization and Economic Impact - The competition attracted over 117,000 participants and more than 23,000 projects, with 50% of projects focused on cost reduction and efficiency improvement through data [4] - Projects utilizing public data accounted for 53% of the competition entries, indicating a strong trend towards leveraging public data for economic development [6] Policy and Market Dynamics - The article discusses the need for both policy guidance and market incentives to unlock the value of data, emphasizing the importance of market-oriented reforms in data allocation [5] - The establishment of a low-altitude economy is highlighted, where data plays a crucial role in ensuring safety and facilitating industry growth [5] Technological Advancements - The "Data Element ×" competition featured projects like the one from Shanghai Heihu Network Technology, which aims to optimize production capacity and meet customized demands through AI-driven data platforms [7] - Shanghai is positioning itself as a "global digital city," with initiatives to enhance data circulation and establish a robust data infrastructure, including blockchain and privacy computing technologies [8] International Collaboration - The article mentions a collaboration between Shanghai and Singapore to streamline business registration processes using blockchain technology, enhancing cross-border digital trust [9] - The Shanghai Blockchain Innovation Fund has been established to invest in core technologies and applications in the blockchain and data sectors, with an initial fundraising of 500 million yuan [10]