"Development of big data theory and innovation of advanced data mining techniques make it possible for regulators to use big data in their daily work," Shen said.
An office clerk said every year-end the administration will hand in an analysis report on market entities to the provincial government, which usually takes nearly a month to complete. But with the new big data system, most parts of the report can be generated automatically in less than a minute.
"The new system saves us time doing routine work, so we can focus on cultivating promising market entities and adjusting industrial structure," the clerk said.
For market regulators, the system offers a more intuitive overview of the type, structure and distribution of markets at all levels in the province. More importantly, enterprises that exhibit abnormal operating conditions can be accurately positioned in a short time.
"We are more able to issue early warnings to potential consumers and target related companies with the assistance of the new system," an official from the administration said.
BIGGER APPLICATION
On July 1, the State Council, China's cabinet, released guidelines to strengthen services and supervision on market entities through big data. Under the drive, Chinese regulators are encouraged to improve their services and supervision efficiency.
Specifically, the China Securities Regulatory Commission (CSRC) was required to support financial institutions in big data application when serving enterprises. Banks, security firms, trusts management companies, finance leasing operators, insurers and industry associations are called on to expedite the development of bid data industry.
On Thursday, just one day after the State Council's circular, the Supreme People's Court (SPC) announced that all Chinese non-military courts are linked to a "judicial big data center", which means Chinese citizens can now look up information on trials, verdicts and implementation of court decisions online.
The system also links courts across the country with government branches and banks, facilitating inquiries and freezing of accounts that belong to those who default on court decisions, the SPC said.
Currently, several government delegates from other provinces are visiting and learning of Hubei's experience in big data. More analytic systems are expected to be launched in other parts of China in the near future.
