Data, as a key production factor in the digital economy, raises complex questions regarding rights allocation. Traditional property-based approaches emphasize absolute exclusivity, which can easily lead to data monopolies and hinder data circulation. In contrast, the intellectual property (IP)-oriented model, characterized by limited exclusivity and layered protection, better aligns with the non-rival, replicable, and dynamic nature of data. This paper argues that the IP approach strikes a more appropriate balance between innovation incentives and public interest. In the short term, judicial expansion through the Anti-Unfair Competition Law and Copyright Law provides transitional protection; in the long term, legislation should establish a specialized data IP system featuring clear protection objects, limited exclusive rights, and functional splitting of data-related entitlements. Ultimately, a framework of “limited exclusivity + layered protection + disaggregated powers” can promote secure and efficient data flows and maximize social benefits.