The Ministry of Industry and Information Technology (MIIT) and the Office of the Central Cyberspace Affairs Commission issued a guideline to promote the development of blockchain technology and its application in industry. By 2025, China aims to boost its blockchain industry to the most advanced level in the world and blockchain technology will be applied to multiple economic and social fields. In the next five years, China shall support the establishment of three to five backbone enterprises with international competitiveness, as well as a number of innovation-driven enterprises and three to five blockchain industrial clusters. By 2030, the blockchain industry shall see further expansion in both comprehensive strength and industrial scale, and deepen integration with next-generation information technologies such as big data and artificial intelligence, the document added. Currently, there are around 75,000 blockchain-related enterprises in China, the Shanghai Daily reports.
The China Daily adds that China’s latest guideline to promote blockchain applications will make the frontier technology serve the real economy, rather than fuel speculation, industry experts said. Wang Juan, Member of the Blockchain Expert Policy Advisory Board of the Organization for Economic Cooperation and Development (OECD), said: “Technological advancements like blockchain technologies should have tangible effects on social progress and prevent the use of capital for fraudulent activities.” Yu Jianeng, Deputy Director of the Blockchain Committee of the China Communications Industry Association, said: “Only when blockchain technology is applied in various industries can it fully play its role and unleash its real value. It can also become an important driver of the nation’s industrial innovation.”
“With more joint efforts, blockchain will become a more promising sector in the future,” said Da Hongfei, CEO of a Shanghai-based blockchain company. “As we continue to focus on supply chain finance, we will also aim to expand blockchain technologies to areas like healthcare, digital government affairs, internet-connected vehicles, and agricultural technology.”
