Into the digital age, data has become an important factor of production. However, the current problem of "data silos" prevents data from being effectively shared and used. A reasonable data property rights system is the core to solving this problem. Based on the characteristic that data can only effectively exert its value when it is in circulation, data property rights should be different from traditional property rights, and the concept of ownership needs to be downplayed to promote data circulation. In recent years, China has first constructed a "separation of two rights" mode of holding right and use right, and then clarified the "separation of three rights" system of data holding right, data processing and use right, and data product management right. The data holding right breaks the shackles of data value flow, the data processing and use right ensures the use of and profit from data by data processors, and the data product management right provides positive incentives for participants in the data factor market. However, the "separation of three rights" system still has problems such as conflicts between the three rights, insufficient attention to individual rights and interests, difficulty for effective state control, and lack of a fault-tolerant mechanism. These problems should be solved by establishing a model for resolving rights disputes, implementing a data security review mechanism, the government’s leading role in redistributing data interests, and adopting measures for enterprises to reduce liability through compliance.