China Includes National Blockchain Network in Policy Document
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The Central Committee of the Communist Party of China and the State Council on October 9 published a policy document titled "Opinions on Developing New Quality Productive Forces" aimed at raising industrial technology and productivity, explicitly setting out a plan to build a "national blockchain network" to link the real economy, including manufacturing, with the digital economy. The national blockchain network is to be developed alongside a nationwide integrated computing resource network and is positioned as one of the efforts to advance the building of national data infrastructure. The policy also covers applying research results to business, the digitalization of manufacturing, and the use of artificial intelligence, and includes a plan to clarify who holds rights over data and to put in place mechanisms for transactions, profit sharing, and the protection of rights. In China, blockchain infrastructure supporting trade and finance is already being developed, and seven departments including the Shanghai Municipal Commission of Commerce on August 10 indicated in a plan to expand services trade that they would further advance the development of a "National Blockchain Network Shanghai Hub." The Hong Kong Monetary Authority on March 2 also announced cooperation with institutions responsible for data administration in Shanghai and others on the digitalization of goods trade and finance. Meanwhile, eight institutions including the People's Bank of China on February 6 published a notice tightening regulation of crypto assets, strictly prohibiting businesses that exchange crypto assets on the mainland and the issuance of tokens to raise funds.