Abstract: The circulation of data factors is critical to the development of the digital economy and highquality development of the economy. A trusted and practical data circulation mechanism should satisfy the incentives of all relevant participants simultaneously. The mechanism should be accompanied by an immediate regulation mechanism in data right authentication, registration, circulation, delivery and settlement to protect national information security and individual privacy exante. The rules of the mechanism should be observable to all so that a trusted consensus is established. The difference in features of data from tangible and intangible assets in physical existence, legal authentication, exclusiveness in use and relevant supporting techniques implies that a trusted data circulation mechanism should combine both theories of law, economics, management science and information techniques in designing circulation form, supplyside incentive, consistency in operation and screening signals in demandside.

Key words: data circulation, twenty regulations of data, reliable circulation, smart contract, non-fungible access right

摘要： 数据要素流通是发展数字经济和实现经济高质量发展的关键环节.可信执行的数据流通机制兼顾参与者激励相容，在数据要素确权、登记、流通、交割、结算等环节的执行中前置，实时接入监管机制，保护国家信息安全和个人隐私.机制设计规则需公开可识别，有助于形成可信共识.数据与有形、无形资产在物理形态、法律认定、使用排他性及技术支持等方面的不同特性，决定了数据可信流通机制设计需要从流通方式、供给侧激励、持续供给及需求端信号过滤等方面综合法律、经济学、管理学等理论及信息技术统筹规划.

关键词: 数据流通, 数据二十条, 可信流通, 智能合约, 非同质化访问权益