China’s Xi Jinping calls for accelerated blockchain development

China is going to accelerate the development of blockchain technology and industrial innovation, with many officials in the government now considering blockchain as an important breakthrough for the purpose of independent innovation of core technologies, increased investments, as well as a way to focus on a number of key core technologies.

According to a report, China’s President Xi Jinping was quoted as saying,

“We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”

The Political Bureau of the CPC Central Committee organized its 18th collective study of the status quo, while also studying the trends of blockchain technology development. During the same, Jinping pointed out that the application of blockchain technology has extended to digital finance, Internet of Things, intelligent manufacturing, supply chain management, digital asset trading, and other fields.

The President also emphasized the need to “strengthen basic research, enhance the original innovation ability” for the country to take the lead in terms of the blockchain industry and occupy the “commanding heights of innovation.”

The President further stressed on the need to strengthen “the construction of a talent team, establish and improve the personnel training system,” as well as building a variety of high-level talent training platforms and cultivating a group of leading figures and high-level innovation teams.

Previously, Binance Co-Founder Yi He had said that the Chinese government was very supportive of the whole blockchain industry and the country has seen rapid development in terms of mobile Internet and fin-tech sectors.
The government’s plans to promote the integration of blockchain and the real economy is a positive sign and will help solve problems related to financing loans for SMEs, difficulties in controlling the risks of banks, and issues concerning departmental supervision.