Abstract: In response to the national policies aiming to establish a unified and comprehensive market for the circulation and transaction of data elements, it is imperative to systematically analyze the current processes involved in the circulation and transaction of data elements. Such analysis is crucial for the construction of data element platforms and holds strategic importance in advancing the market-driven distribution of data elements and fostering the growth of the digital economy within China. Through case studies and literature reviews, this study examines the entities within the multilateral data trading market and their interrelationships. It also identifies the primary challenges within the current market and proposes breakthrough pathways and a research framework for the development of a multilateral data element trading platform. This framework is grounded in value chain theory and socio-technical system theory, aiming to serve as a guide for the construction of a market conducive to the circulation and transaction of data elements.

Key words: Data elemencts, Data trading platform, Value chain, Social-technical system, Multilateral market