Abstract: As a new production factor，data is permeating in every link of market economy including production，circulation，and consumption. The capitalization of data endows it with important significance in terms of ownership affirmation，circulation，and utilization. Data element governance is valuable for the protection of individual information at the micro level，the development of data industry at the meso level，and national security strategy at the macro level. The basic connotations and applicable conditions of the Inalienability，Property Rules，and Liability Rules of the C&M Framework can place the various scenarios of data element flow under one system，so as to clarify data property rights and equity allocation rules and achieve the efficient and orderly operation of data element market. In terms of practical approach，firstly，the typed and scenario-based logic should be used to refine the identification standards of data ownership；secondly，the benchmark of data pricing should be clarified by comprehensively considering how market supply and demand relationship and transaction behavior impair data value；and finally，the negative list mechanism of data trade and concealment technology should be adopted to protect sensitive personal information.

Key words: C&M Framework, Property Rules, Liability Rules, data ownership, data pricing