Abstract: The circulation of data transaction is related to the overall situation of the cultivation of data factor market.However,its legal implication is not clear;the chronic illness of practice needs to be sorted out,and the whole system is also lacking.As a voluntary transfer and sharing of data control between two or more parties,data transaction circulation is mainly embodied in "data sharing" and "data reuse",rather than "data transfer".Empirical studies in various countries show that the circulation of data transactions is faced with three major dilemmas:technology,standards and law.Therefore,the technology as the priority mechanism,the standard as the referral mechanism and the law as the bottom-line mechanism together constitute the ternary governance system to respond to the challenge,and thus they establish the infrastructure of data governance in the data factor market.

Key words: data, data transaction circulation, data elements, data sharing, data governance, technology, standard, law