Recently, Zhejiang Transportation Investment Group (“Zhejiang Transportation Group”), a provincial enterprise in the transportation sector, successfully completed the registration of 4 data asset projects in the first quarter of 2024, with a total amount of 2,5371 million yuan.The first batch of provincial transportation investment groups to achieve the inclusion of data assets in the list.The launch of Zhejiang Communications Group's registration process is the first step in responding to the country's latest requirements for new data element productivity and data asset management. It is the beginning and foundation for the Group to fully carry out data element integration and operation.
Zhejiang Communications Group
Zhejiang Transportation Investment Group Co., Ltd. (“Zhejiang Transportation Group” for short) is the main platform for provincial transportation investment and financing in Zhejiang Province and the main force in the construction of integrated transportation systems. In 2023, it achieved operating income of 328.8 billion yuan and total assets of 931.3 billion yuan. It is the only provincial transportation investment enterprise in China to rank among the top 500 in the world in 2023. The Group's industrial chain is complete, covering 6 major sectors: highways, railways, engineering, commerce, trade and finance. The business is distributed across 30 industries, and the interindustry ecosystem forms a natural soil for data element circulation.
Over the years, Zhejiang Communications Group has accelerated the layout and development of the “integrated two-wing” business in accordance with the general requirements of “assuming good responsibilities, playing a good role, developing a good enterprise, and improving the team”, and promoted the implementation of the “digital trading” strategy, forming a data resource with a complete integrated transportation industry chain, a high degree of standardization, and great potential application value. This time, through the capitalization and listing of data resources, it will help further improve the Group's data asset operation system, accelerate the transformation and upgrading of the data empowering industry, build a data industry ecosystem, and help build a new competitive advantage in the digital economy.
With the goal of building a data asset system, Yi Hualu conducted continuous in-depth discussions on data business paths, data asset management, data value mining, and accounting processing; Zhejiang Communications Group Science and Technology Data Department (Digital Center) joined the Group Financial Management Department, related subsidiary (branch) companies, and external auditors to jointly form a special “industry, digital and financial” integration class. Based on the current focus of data management, the two sides addressed the problems faced in implementing data asset registration and data asset management and circulation processes, such as difficulties in identifying data asset ownership, difficulties in collecting costs, difficulties in subsequent measurement such as impairment and amortization, and difficulties in distributing data asset benefits, and established a multi-dimensional data asset management system covering process systems, platform tools, implementation standards, etc.“Data Asset Analysis, Data Product Planning, Data Asset Verification, Cost Collection and Measurement, Report Presentation and Disclosure”The “5-step method” of data asset confirmation and data asset entry items“Project establishment, project cost collection, project completion acceptance”The “3 standards” break through the practical problems of data asset listing, and use this as a basis to carry out data asset conversion work such as data asset registration and data circulation transactions.
The two sides cooperated to complete the first four data asset entry pilot projects, including a trading brain and cockpit, risk control analysis workbench, intelligent car insurance pricing system, subcontractor data management and application platform. Data enabled risk management, real-time warning, and comprehensive intellectual management in management. The business reduced the car insurance compensation rate and implementation risk by subcontractors, and reflected the application value of data as a “production material”. It played a one-sided demonstration role for subsequent listing projects.
By implementing the data asset listing process, Zhejiang Communications Group has achieved a transformation from “data resource management” to “data asset operation”. In the next step, the two sides will use the entry of data assets as an opportunity to continue to manage and utilize data from a broader and more systematic perspective, promote value creation and value addition of data assets, and provide favorable support for the construction of “digital trading”.