Abstract: Building a nationwide integrated data market is crucial for unleashing China’s data potential and optimizing the allocation of data elements. Based on the theory of incomplete contracts, this paper systematically explores the practical challenges of unclear data ownership and pricing mechanisms, uneven data quality, and barriers to interconnectivity in the core links of data transactions, such as asymmetric transaction information, inefficient data circulation and other incomplete contract phenomenon, through the analysis of data processing, data product listing, and data negotiation and delivery. The results indicate that the governance paradigm of“system-technology-standard”synergy provides guidance for the construction of a national integrated data market. Therefore, it is necessary to strengthen the protection of data property rights, rely on advanced technology to ensure traceability and secure delivery of ownership, promote data quality certification and dynamic pricing models, build a cross domain compatible standardized system and interconnection incentive mechanism, in order to fully unleash the circulation vitality and multiplier effect of the national integrated data market.

Key words: nationwide integrated data market, data exchange, incomplete contract, market construction