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Xinhua: Xi Jinping Asks for Innovation in Blockchain Technology

Xinhua recently reported that Chinese President Xi Jinping emphasized, in the eighteenth Collective Study of the Political Bureau of the Communist Party Central Committee, that blockchain technology should be a focal core innovation area for the Chinese industrial development strategy. It should be treated as a break-through point. Xi asked for a clear development direction, coupled with heavy investments, and to push forward the industrialization of a set of core blockchain technologies. Xi mentioned that blockchains are penetrating various key economic areas like digital finance, the Internet of things (IoT), smart manufacturing, supply chain management, and digital asset trading. Leading countries in the world are all strategically developing blockchain technology, and China should quickly improve technological support on blockchain standardization, application, innovation, and commercialization. Xi wants to improve China’s say in international collaborations and rule-making. Connecting blockchain technology and artificial intelligence and big data technologies was specifically mentioned. Deploying blockchains in all aspects of society is also being planned.

Source: Xinhua, October 25, 2019