For the first time in public, China’s President Xi Jinping gave a speech to the countries leading scientists, endorsing blockchain as a critical part of a technology revolution in China, and one they must seize to thrive in the global economy.
Speaking on Monday at the annual meeting of the Chinese Academy of Sciences and the Chinese Academy of Engineering, President Jinping said:
“since the start of the 21st century, a new industrial revolution of information technology, represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthrough applications.”
Xi’s unprecedented speech, comes just days after China’s State Council, the government’s central administrative branch, sent its highest-level order demanding that local authorities, especially the Guang Dong Free-trade Zone, accelerate blockchain technology development.
The President said China will launch national laboratories, with high standards to foster research and development of technology infrastructure, in order to thrive amid global economic competition.
Local Chinese government is already partnering with several start-ups to research or implement the technology.
In fact, blockchain was mentioned twice back in 2016 in the Chinese State Council’s 13th five-year economic development plan, spanning from 2016 to 2020.
Although China is ambitiously supporting blockchain technology, the government maintains it’s prohibitive stance on Cryptocurrencies.
In September 2017, it officially banned sales of new digital tokens through the initial coin offering (ICO) process. A total ban on cryptocurrency exchanges, forced China’s own home grown Binance to relocate Japan.