President Xi Urges Expedition of Blockchain Development in China

On Oct. 25, China’s President Xi Jinping said at the study session of the Politburo held on Thursday that the nation should accelerate the development of blockchain technology.  

Xi Jinping delivered a speech while presiding over the study. He pointed out that the application of blockchain technology has extended to digital finance, Internet of Things, intelligent manufacturing, supply chain management, digital asset trading, and other fields. 

At present, major countries in the world are accelerating the development of blockchain technology. China has built a solid foundation on blockchain technology, and Xi believed that it is crucial to accelerate the growth of blockchain technology and industrial innovation, and actively promote the development of blockchain for economic and social integration. 

Xi stressed that it is necessary to strengthen fundamental research of blockchain technology and enhance the original innovation ability, thus enabling China to take the leading position in the blockchain field. 

It is essential to promote collaborative research, accelerate the breakthrough of core technologies, and provide safe and controllable technical support for the development of blockchain applications. 

Xi pointed out that China should seize the opportunity of blockchain technology integration in terms of function expansion and industry segmentation, and utilize blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving synergy efficiency, and building a credible system.

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