This research breaks through the framework of traditional factor theory. Against the backdrop of the digital economy and based on the fundamental principles of Marxist political economy, it first explores why data can function as both raw material and means of labor, and how these two roles transform into each other. Second, it examines the dialectical unity of algorithms as both tools of labor and fixed capital from the perspectives of the labor process and the capital accumulation process. Finally, it investigates how the synergistic effect of data and algorithms promotes the transformation of new quality productive forces and facilitates high-quality economic development. Building on this analysis, the study proposes a coordinated advancement path involving the establishment of property rights rules for factor market allocation and the enhancement of algorithm R&D and application. It also emphasizes strengthening the dual functions of government guidance and supervision, promoting the deep integration of data factors with traditional industries, and constructing a long-term investment mechanism for algorithm technology. This pathway aims to inject new momentum into the development of a Digital China.