China’s National Five-Year Plan Fuels Growth Momentum To Blockchain

March 12, 2021 1:16 pm

Beijing (PingWest)-Blockchain is set to takeoff in China as the technology was written for the first time in a draft of China’s 14th five-year development plan. China’s 14th five-year development plan lays out priorities and goals from 2021 to 2025.

While China bans cryptocurrency exchanges and initial coin offerings, the government supports the application of the underlying technology in other areas, For example, blockchain can help the government to track the shipment of large bulks and commodities.

Alibaba’s fintech affiliate, Ant Group, has teamed up with Chinese state-run shipping giant COSCO Shipping to collaborate on blockchain applications in shipping.

Under the agreement, the two parties will work together to promote blockchain developments in various shipping sectors that aimed at connecting cargo owners, vessel operators, ports and logistics companies through digital platforms that use blockchain technology.

In 2020, China launched government-backed blockchain infrastructure network, which acts as an operating system for blockchain projects.

China is also actively working on nationwide blockchain implementation. According to a statement from Ministry of Industry and Information Technology, China formed a national blockchain committee to draw up standards for use of blockchain technology across industries. The members of the committee includes Tencent Holdings, Huawei Technologies, Baidu, Alibaba affiliated Ant Financial and

During the Covid-19 pandemic last year, the southern Chinese province of Guangdong and neighbouring Macau launched a mutually recognised QR health code system powered by blockchain. In 2019, some Guangdong government agencies started to issue blockchain-powered invoices.

Technologies is expected to contribute a greater portion of the China’s GDP; China will increase its annual spending on research and development by more than 7% per year over the next five years, Premier Li Keqiang wrote in a government report from the Fourth Session of the 13th National People’s Congress. The annual spending on R&D will dedicate mainly to key technology sector that China aims to boost including artificial intelligence, quantum computing, cloud computing, brain science, semiconductors, genetic research and biotechnology.