Abstract: [Purpose/Significance] Trusted data spaces have built a novel circulation paradigm of data characterized by "data remaining stationary while value flows", which is of strategic significance for promoting the compliant circulation of data and releasing the value of data elements. [Design/Methodology] Based on the research idea of "conceptual entry point-functional projection point-realistic foothold-case focus point", this paper conducts a systematic analysis of trusted data spaces by integrating theory and practice. In terms of theoretical reflection perspective, it defines trusted data spaces from connotation and attribute, and explores the ought-to-be significance and actual utility of constructing such a space. In terms of practical observation perspective, it first provides a panoramic depiction of the construction of trusted data spaces from region and field; on this basis, two cases, the European Health Data Space（EHDS）and the Wenzhou Health Data Space（WHDS）, are focused to deconstruct the construction mechanism from the three aspects of elements, guarantees and functions. [Findings/Conclusion] Through the coupling association of consensus rules, multiple stakeholders, data resources, key technologies, and application scenario, and leveraging the attributes of sharing, control, governance, transparency, and interoperability, trusted data spaces can not only alleviate the difficulties in data circulation and deal with data security risks, but also promote the development of a single digital market while empowering social digital governance. Through the the approach of "rule of law + technology governance", the layout and development of trusted data spaces are being promoted in an orderly manner across multiple fields at home and abroad. EHDS and WHDS release the value dividends of the health data community through multi-element collaboration, dual-systematic and technological safeguards,and by primarily addressing the adjustment of data rights and interests. [Originality/Value] While enriching the theoretical research of trusted data spaces, this study provides decision-making support for the high-quality development of trusted data spaces and empowering the construction of the digital economy.

Keywords: Trusted data spaces, Data circulation, Data value