Statistical Measurement of Data Assets: Based on the System of National Accounts

【Authors】

ZHU Facang, SHI Qiule, SU Weihua & XU Xianchun

【WorkUnit】

ZHU Facang, SHI Qiule & SU Weihua（Zhejiang Gongshang University, 310018）；XU Xianchun（China Finance 40 Forum, 100080）

【Abstract】

Since the dawn of the 21st century, the Fourth Industrial Revolution, characterized by digitalization and intelligent transformation, has rapidly swept across the globe. National strategic initiatives, such as the U.S. Industrial Internet, Germany’s Industry 4.0, and Japan’s Society 5.0, have all emphasized data as a pivotal driver for economic growth and social progress. However, despite its recognized importance, data remains largely invisible in the System of National Accounts. Addressing this gap through accurate and comprehensive statistical measurement of data is not only essential for effective policy regulation but also a crucial academic and practical challenge in understanding the trend of the times.
To comprehensively elucidate the pivotal role of data as a production factor and its economic impact, this study takes into account its dual functions of wealth accumulation and economic operations, constructs a whole-process measurement framework that covers data capital stock and service flows, and incorporates data capital services into the growth accounting framework to quantify its economic contribution. The research finds that both the net and gross capital stock of data exhibit a three-stage evolution: rapid expansion in the early stage, high-speed development in the middle stage and high-quality development in the later stage, while the data capital services transition from high-speed to moderate-high growth over time. During the study period, both the wealth indicators and service indicators of data capital grew faster than GDP during the same period, highlighting its stronger potential for value accumulation compared with traditional physical capital. The economic contribution potential of data capital has gradually emerged and tends to be dominant. From 2020 to 2022, data capital, R&D capital, and computer and communication equipment together contributed an average of 54.57% to economic growth, effectively offsetting the negative drag from the real estate and construction sectors.
Based on these findings, this paper puts forward the following policy suggestions. First, optimize the capital structure with data at the core to accelerate the transition from old to new growth drivers. Second, leverage intangible capital and labor force to unlock their economic potential and foster new drivers and new advantages for economic development. Third, develop sound and fair valuation methods for the full development and utilization of data assets and strengthen theoretical research in data asset accounting. It is imperative to improve the statistical investigation and accounting system for data assets, and advance the construction of the vocational information network and the reform of the labor statistics system in a coordinated manner.

JEL: E01, E22

【KeyWords】

System of National Accounts, Data Assets, Statistical Measurement