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<p>Public data openness, as a major initiative in building a unified national market for data elements, has become a pivotal driver for reshaping value creation. From an opening-up perspective, this study employs the launch of public data platforms across Chinese cities as a quasi-natural experiment to construct a multi-period difference-in-differences model. Using panel data from 275 cities spanning 2008–2023, we empirically examine the impact and underlying mechanisms of public data openness on foreign direct investment (FDI) inflows, supplemented by a series of robustness tests to validate its role in value creation. The results reveal that public data openness significantly attracts FDI inflows, primarily through the combined effects of an improved business environment and technological innovation. Heterogeneity analysis indicates that the positive impact is more pronounced in eastern, non-resource-based cities, as well as in cities with stronger intellectual property protection and lower baseline FDI inflows. Furthermore, extended analysis reveals that public data openness also exerts a significant positive spatial spillover effect on FDI inflows to surrounding cities. These findings offer important practical implications for proactive government efforts to advance the construction of the data factor market.</p>

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Public data openness and urban foreign direct investment inflows: based on the essential attributes of public data

  • 期刊论文

  • 发表日期：

    2026年3月17日

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  • Huifang Cheng,
  • Songhao Zhang,
  • Chenxiang Hong,
  • Junqi Wang,
  • An Cao

摘要

Public data openness, as a major initiative in building a unified national market for data elements, has become a pivotal driver for reshaping value creation. From an opening-up perspective, this study employs the launch of public data platforms across Chinese cities as a quasi-natural experiment to construct a multi-period difference-in-differences model. Using panel data from 275 cities spanning 2008–2023, we empirically examine the impact and underlying mechanisms of public data openness on foreign direct investment (FDI) inflows, supplemented by a series of robustness tests to validate its role in value creation. The results reveal that public data openness significantly attracts FDI inflows, primarily through the combined effects of an improved business environment and technological innovation. Heterogeneity analysis indicates that the positive impact is more pronounced in eastern, non-resource-based cities, as well as in cities with stronger intellectual property protection and lower baseline FDI inflows. Furthermore, extended analysis reveals that public data openness also exerts a significant positive spatial spillover effect on FDI inflows to surrounding cities. These findings offer important practical implications for proactive government efforts to advance the construction of the data factor market.