This article examines the recent institutional developments in the Chinese data governance regime. The current institutional design in this field exhibits an imbalanced characteristic. On the one hand, the coordination-based institutional arrangements in the Personal Information Protection Law cannot effectively address the remaining issue of regulatory fragmentation. On the other hand, the rapid establishments of specialized data bureaus at both the national and local levels suggest the allocation of intensive regulatory resources. The asymmetric regulatory investments in personal information protection and data utilization signify the shift of regulatory focus from protection to utilization, which may overemphasize the data utilization dimension and further weaken and marginalize the already insufficient protection for personal information. This article thus suggests to amend the institutional provision in the Personal Information Protection Law and adopt the specialized agency model as the necessary institutional guarantee for re-balancing the competing rights and interests in the digital economy.