Full-Text of President Xi’s Speech About Blockchain
Promote the Deep Integration of Blockchain and the Real Economy, Tackle the Challenges in SME Loan Financing, Bank Risk Control, and Government Supervision
Blockchain as the Core of Technology Innovation Breakthrough; Accelerate the Development of Blockchain Technology and Industrial Innovation
The Political Bureau of the Central Committee of China conducted the 18th collective study on the status quo and trends of blockchain technology development on the afternoon of October 24 in Beijing.
Chinese President Xi Jinping emphasized that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation, “We must take blockchain as an important breakthrough for independent innovation of core technologies, (we must) clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.”
Xi gave his speech while presiding over the study. He pointed out that the application of blockchain technology has extended to digital finance, the Internet of Things, smart manufacturing, supply chain management, digital asset trading and other fields. Currently, all major countries are accelerating the development of blockchain technology. China has a good foundation in blockchain, it is essential to accelerate the development of blockchain technology and industrial innovation, and actively promote the development of blockchain and economic and social integration.
Xi stressed that it is necessary to strengthen basic research, enhance the innovation abilities, and strive to push China into the leading position in the emerging field of blockchain, bring out more innovation and gain industrial advantages. It is necessary to promote collaborative research, accelerate the breakthrough of core technologies, and provide safe and controllable technical support for the development of blockchain applications. It is necessary to strengthen the research of blockchain standardization and enhance the rights to speak and make rules globally. It is necessary to speed up industrial development, to play to market advantages, and to work on innovation chains, application chains, and value chains. It is essential to build blockchain industry ecology, accelerate the deep integration of blockchain and other frontier information technologies such as artificial intelligence, big data, the Internet of Things, and promote integrated innovation and integrated applications. It is also necessary to strengthen the development of talents, to establish various forms of training platforms for high-level talent and cultivate a group of leading figures and high-level innovation teams.
Xi also pointed out that it is necessary to seize the opportunity of blockchain technology integration, function expansion, and industry segmentation, and apply blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving synergy efficiency, and building a credible system. It is necessary to promote the deep integration of the blockchain and the real economy and tackle the challenges in SME loan financing, bank risk control, and government supervision. It is necessary to use blockchain technology to explore digital economic model innovation, assist in creating a convenient, efficient, fair in competition, stable and transparent business environment, and provide services for promoting supply-side structural reforms and realizing the effective docking of supply and demand in various industries, in order to accelerate the implementation of new energy, and to provide support for continuous transformation and promote high-quality economic development. It is necessary to explore the application of “blockchain+” in the field of people’s livelihood, and actively promote the application of blockchain technology in the fields of education, employment, pension, precision poverty alleviation, healthcare, commodity anti-counterfeiting, food safety, public welfare, social assistance, etc. to provide the masses with more intelligent, more convenient and better public services. It is necessary to promote the combination of the underlying technical services of blockchain and the construction of new smart cities, explore the promotion and application in the fields of information infrastructure, smart transportation, energy and power, and improve the level of intelligence and precision of urban management. It is necessary to use blockchain technology to promote greater inter-connectivity between cities in terms of information, capital, talents, and credit information, and ensure the orderly and efficient flow of production factors within the region. It is necessary to explore the use of the blockchain data sharing model to achieve the joint maintenance and utilization of government data across departments and regions, to promote business synergy, to deepen the “show up once” reform, and bring better government service experience to the people.
Xi emphasized that it is necessary to strengthen the guidance and regulation of blockchain technology, strengthen the research and analysis of blockchain security risks, closely track development status, and actively explore development trends. It is necessary to establish a security system that adapts to the blockchain technology mechanism, and guide and promote blockchain developers and platform operators to strengthen industry self-discipline and implement safety responsibilities. It is necessary to implement a law network into the management of blockchain and promote the safe and orderly development of blockchain.
Xi pointed out that relevant departments and their responsible leaders should pay attention to the status quo and trend of blockchain technology development, improve the application and management of blockchain technology, and enable blockchain technology to play a greater role in aspects of building a leading network, developing digital economy, and promoting economic and social development.
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