China’s state council pushes to accelerate blockchain development
China’s State Council has ordered state finance agencies and government-funded research centers to accelerate the development and commercialization of blockchain technology.
The official statement, which was first published on May 4, addresses various strategies that require a continued reform of the Guangdong Pilot Free Trade Area.
What is a pilot free trade zone?
The Guangdong Pilot Free Trade Zone is a free trade zone in Guangdong province. The zone was authorized by the State Council in 2014 and opened in April 2015. The creation of a free trade area is a strategic move by the Central Committee of the Party and the Council of State to comprehensively deepen the reforms and increase the openness of the new situation. Since the China Free Trade Area (Guangdong) went into operation, it has achieved initial results and generally achieved the expected goals. Now it wants to deepen the reform, open the free trade area and support the integration of Hong Kong and Macao into the country as a whole.
An official document states:
“Building a regional stock market in Guangdong, according to the opening of the capital market, timely introduction of Hong Kong, Macao and international investment institutions to participate in transactions. We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance. “
However, the document does not provide information on how blockchain technologies should be used in the free trade area.
As noted on AMBCRYPTO, China’s Ministry of Information and Technology, Guangdong Province has 72 new blockchain companies. In 2016, the idea of digital currency and blockchain innovation was introduced as part of its thirteenth five-year monetary improvement plan 2016–2020.
The Guangdong Free Trade Area, which was approved by the State Council in 2014, is a designated area within Guangdong’s Chinese territory, which coordinates with Hong Kong and Macau to build a more internationalized free market. Chinese experts will vigorously accelerate the progress of blockchain innovation, as required by the State Council, to show that the nation could be at the forefront of the Fourth Industrial Revolution, driving the development of a developing innovation such as Blockchain technology.
