India, March 16 -- While Washington debates how artificial intelligence may influence the next phase of warfare, and New Delhi focuses on attracting global technology investment, Beijing is building that may sound almost dull: data exchanges.

In cities such as Shanghai and Shenzhen, marketplaces are growing where companies, universities and Government agencies can buy and sell datasets. Industrial production records, logistics flows, medical images and transport patterns are all becoming tradable assets. Though officials describe these platforms as part of China's digital economy strategy. Analysts estimate that the country's data economy could exceed $1 trillion before the end of the decade.

On the surface, it looks bureaucratic - the ...