Leading Chinese tech company AsiaInfo and state-owned consulting firm Guoyan have agreed to establish a new research institute focused on the monetization of big data in Wuxi, Jiangsu province.

The two enterprises signed a strategic cooperation agreement confirming the details of the project at the 2017 World Internet of Things Exposition in Wuxi on Sept 11.

The new institute will bring together the resources of two major players in China's rapidly emerging big data industry, and is expected to contribute to the healthy development of the industry.

Guoyan advises China's State Council, the country's highest political body, on a variety of matters related to new technology, while AsiaInfo has ambitious plans to establish itself as a leader in China's big data industry.

The institute will focus on promoting research and policy making ideas on the monetization and trading of big data assets.

It will also provide consulting services on big data-related issues for companies in a variety of industries.