US urged to follow China’s lead in treating data as an economic asset

As Data-entity-id="237" Data-entity-type="location">China deepens the commercialisation of its vast troves of Data, the Data-entity-id="4" Data-entity-type="location">United States needs to develop its own Data-strategy" class="entity-link entity-topic" Data-entity-id="188273" Data-entity-type="topic">National Data Strategy that treats Data as an economic asset to better position itself to prevail in emerging technologies such as Data-entity-id="804" Data-entity-type="topic">Artificial Intelligence and Data-entity-id="135814" Data-entity-type="topic">Robotics, a key US congressional advisory body has said.In a report published on Tuesday, the Data-entity-id="237" Data-entity-type="location">China-economic-and-security-review-commission" class="entity-link entity-organization" Data-entity-id="32181" Data-entity-type="organization">US-Data-entity-id="237" Data-entity-type="location">China Economic and Security Review Commission (USCC) warned that the US risks ceding global leadership in setting Data-standards" class="entity-link entity-topic" Data-entity-id="188274" Data-entity-type="topic">Global Data Standards to Data-entity-id="237" Data-entity-type="location">China, which would give Chinese firms an advantage over their US counterparts in industries where Data is a central pillar of development.“Standards are difficult to revise once adopted,” the report said. “Engaging now would be more effective than seeking to unwind an established standard later.”