- President Xi endorsed Blockchain as the tool needed for China to thrive in the global economy.
- Blockchain had earlier been added as the China’s 13th 5-year economic development plan.
China: Xi Jinping, the Chinese President, during the annual academic conference hosted by the Chinese Academy of Sciences this week acknowledged the prospect of blockchain technology. At the conference on Monday 28th May, Xi publicly endorsed Blockchain – the decentralized digital ledger – for the first time. In his speech, Xi stated that blockchain has risen to become an important part of the technological revolution needed by China to excel in the global economy. Xi announced to the audience:
“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure … with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.”
He remarked further that for China to thrive in the midst of global economic competition, it has to launch national labs with high standards to support and promote the research and development of technology infrastructure. Xi made this comment few days after the central administrative branch of China’s government spoke on the use of blockchain technology in a top-level missive.
However, President Xi did not provide further information on how the blockchain technology would be applied.
It has earlier been reported that the Chinese State Council instructed China’s Guangdong Free-trade Zone to hasten up with blockchain development and application as part of the zone’s economic reform.
The Chinese State Council has earlier introduced the idea of blockchain as part of an information technology reformation plan in the China’s 13th 5-year economic development plan, which spans from 2016 to 2020.