China sets 2030 deadline for completion of nationwide blockchain infrastructure
A newly released five-year digital strategy from China pushes for expanded blockchain adoption in manufacturing and trade sectors while establishing more robust technical standards.
According to a five-year digital development strategy released Friday, China has established 2030 as its deadline for substantially finishing construction of a nationwide blockchain infrastructure.
Released as the 15th Five-Year Plan for National Informatization, the document outlines priorities including expanded blockchain adoption in financial services and trade throughout the Yangtze River Delta region, along with large-scale implementation across agricultural and manufacturing sectors in the southwestern Chengdu–Chongqing area.
The plan released Friday came from the Central Cyberspace Affairs Commission, a high-level entity operating within the Communist Party's governing structure that oversees coordination of digital development strategies.
The completion deadline is now formally stated for an initiative that was already incorporated into China's broader national development blueprint unveiled in March. An additional policy directive from the State Council and the Communist Party's central leadership, published on Oct. 9, had previously advocated for the network's development.
Beyond the construction timeline, the newly released plan emphasizes the need for more robust technical standards governing blockchain technology and advocates for increased utilization of this technology in data exchange and commercial trading activities.
While cryptocurrency-related commercial operations remain prohibited throughout Mainland China, the government actively champions blockchain technology development as a strategic national objective.
During October 2019, President Xi Jinping advocated for increased blockchain investment and designated the technology as a crucial domain for advancing China's indigenous technological competencies.