China calls for national blockchain network in new technology push

China’s top leadership has called for the construction of a national blockchain network alongside a nationwide integrated computing power network as part of efforts to strengthen technological innovation and upgrade the country’s industrial base.

The measures are included in opinions issued by the Communist Party Central Committee and the State Council on developing new productive forces, published by Xinhua on Oct. 9.

The policy seeks to accelerate the digital transformation of manufacturing, expand the use of artificial intelligence across industries and improve the infrastructure supporting the digital economy.

It also identifies quantum technology, biomanufacturing, hydrogen energy, nuclear fusion, brain-computer interfaces, embodied intelligence and sixth-generation mobile communications as future industries for development, alongside robotics, biomedicine, new energy and aerospace.

The framework calls for more investment in core technologies and basic research, stronger corporate participation in national innovation projects, tax incentives for R&D and improved financing for technology companies.

Other measures include developing green and low-carbon industries, expanding renewable energy and carbon trading, strengthening intellectual property protection, and reforming education and vocational training to meet technological and industrial needs.

The document also encourages international research partnerships while directing local authorities to avoid blind investment, industrial bubbles and excessive competition that could undermine sustainable development.

China continues to develop blockchain technology while maintaining strict restrictions on crypto trading and related business activities, which authorities classified as illegal financial activities in September 2021.

Earlier this year, regulators reaffirmed the policy and extended the framework to areas including yuan-pegged stablecoins and real-world asset tokenization.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.