China has called for accelerating blockchain development to keep up with global trends.

Chinese authorities must improve the infrastructure surrounding blockchain technology to keep pace with digitalization.

Dong Jin, a senior member of the National People’s Congress (NPC), urged the Chinese government to give a boost to blockchain development, considering its multiple benefits for the local economy.

Jin’s remarks came at an event at China’s Second Session, the ruling party’s annual plenary session attended by China’s political elite and industry leaders. Discussions at the two-session event will include areas of economics, security and geopolitics, as well as emerging technologies.

Jin’s proposal is to develop a national blockchain network to improve companies’ data sharing capabilities. He argues that in addition to supporting private entities, blockchain networks will also benefit government agencies to maintain clear data sharing lines without red tape.

The proposed national blockchain network would be integral to supply chains, finance, transportation, shipping and government services.

In recent years, China’s digital economy has grown in line with the Chinese Communist Party’s (CCP) long-term plans, but several challenges continue to hinder its long-term prospects.

Jin points out that the growth of the digital economy has created “high-value data” for major industry players. Jin says data is not a shared resource, but rather is kept on “siloed islands” and “icebergs” due to cybersecurity risks and industry competition.

To improve interoperability, Jin favors a central blockchain system that would act as a “cornerstone of trust” for businesses looking to share data using blockchain.
Immutability and transparency properties.

Jin’s plans will begin in China before rolling out a blockchain network globally to “achieve interconnection with countries”, especially in the areas of trade and finance. Currently, BRICS countries, including China, are examining the prospects for blockchain-based payment systems to reduce dependence on the US dollar in international trade.

country outlook

China has previously launched a series of blockchain initiatives to standardize the use of the technology across the board, establishing a blockchain center in mid-2023. The Beijing-based center plans to deepen the country’s talent pool by training 500,000 professionals over the next few years.

“In terms of talent training, the Center will train more than 500,000 high-quality talents in the blockchain field in our country through cooperation with top universities, research institutions and industry leaders to adapt to the needs of the rapid development of the new form of digital economy. Something like Web 3.0,” Jin said in a 2023 statement.

Before the center was officially unveiled, Chinese authorities announced a nationwide public consultation to establish blockchain standards before the end of 2025.
We are experimenting with blockchain-based digital identity systems.

View: BSV Blockchain in China

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