China State Council, the country’s central administrative branch, is ordering local subordinates to speed up blockchain technology development in a highest level government order revealed on Thursday.
The order, first issued by the State Council on May 4 to provincial and municipal governments, addressed a variety of strategies required for execution in bid to continue the reformation of the Guangdong Pilot Free-Trade Zone.
One area of focus is to accelerate the development of financial technologies, which includes the expedition of “developing and implementing blockchain applications under existing regulatory frameworks,” the document wrote.
Authorized by the State Council in 2014, the Guangdong Free-Trade Zone is a designated regionwithin China’s Guangdong province that integrates with Hong Kong and Macau to build a more internationalized free market.
While the order does not contain rich details about how and to what extent blockchain would be used in the free-trade zone, it is nonetheless notable as it marks the first time that the China central government is pushing to scale up blockchain use in a highest level official document.
Currently, according to data released by China’s Ministry of Information and Technology this week, the Guangdong province has 71 blockchain startups, which accounts for 16 percent of industry players in China.
Yet this isn’t the first time that the idea of blockchain is being brought up in China’s central government documents.
In 2016, the State Council has already introduced the concept of blockchain as part of the information technology reformation strategy in the country’s 13th five-year economic development plan from 2016 to 2020.
According to the official order at the time, blockchain was initially mentioned as one of the many emerging technologies that should be taken into consideration as part of the economic reform.
Original URL : https://www.coindesk.com/achina-orders-blockchain-expedition-in-central-government-notechina-urges-blockchain-expedition-in-central-government-order/