In a bold move to bolster its digital economy, China has announced the establishment of a national blockchain network as part of a comprehensive policy framework released on October 9. The Communist Party Central Committee and the State Council unveiled a 19-measure strategy aimed at enhancing the country’s technological infrastructure, integrating blockchain into various sectors, including manufacturing and banking.
The newly released policy document, highlighted by the Xinhua News Agency, signifies a significant leap towards creating a robust digital ecosystem that connects the real economy with digital advancements. Central to this initiative is a call for an integrated national computing power network, which aims to support blockchain applications and other innovative technologies.
Among the key components of the policy are measures to promote smart manufacturing, enhance industrial internet projects, and implement the East Data, West Computing program. These initiatives will not only stimulate local economies but also encourage businesses to adopt digital solutions and leverage supply chain innovations.
In an effort to clarify data ownership and trading, the document emphasizes the importance of establishing clear regulations. Authorities are tasked with developing pilot projects that view data as an economic resource, paving the way for an open and secure data marketplace. This will facilitate more efficient cross-border data transfers, a critical factor in today’s globalized economy.
The policy also addresses the growing fields of artificial intelligence and quantum computing, calling for the full rollout of the “Artificial Intelligence+” action plan. This includes accelerating developments in AI-enabled devices, intelligent vehicles, and humanoid robots, showcasing China’s commitment to leading in future technologies.
China’s strides in blockchain are not new; earlier this year, the State Administration of Taxation and the National Financial Regulatory Administration encouraged the use of blockchain for tax data sharing, aimed at assisting banks in evaluating small business loans. Furthermore, the digital yuan has seen significant growth, with the People’s Bank of China approving eight additional banking operators in August, increasing the total to 30. These new operators, including Ping An Bank, Hengfeng Bank, and Bank of Shanghai, are set to enhance customer services as they finalize their technical preparations.
On the regulatory front, however, the crypto landscape remains tightly controlled. A notice in February extended oversight to stablecoins and tokenized assets, mandating authorization for issuing offshore renminbi-pegged stablecoins and maintaining restrictions on virtual currency operations and mining. This cautious approach reflects the Chinese government’s ongoing efforts to regulate the crypto market while pursuing advancements in digital finance.
As the world watches, China’s latest policy initiative could reshape the digital landscape, positioning the nation as a frontrunner in blockchain and AI technologies. The ambition to create a national blockchain network coupled with an integrated computing power framework indicates a transformative shift toward a future where digital and real economies converge seamlessly.
