China officials have been actively developing its fintech industry, with a strong focus on blockchain technology, despite their stringent stance on cryptocurrencies.
On March 28, the Ministry of Industry and Information Technology (MIIT), a watchdog for the Chinese fintech industry, said it intends to improve standards for its blockchain technology development by the year 2025.
The information comes from a draft of its guidelines published on the ministry’s website, which also calls for public opinion on the matter of blockchain development from “all walks of life.”
China plans to have clarification on the level of design for its blockchain and distributed ledger technology standards system by sometime this year, giving the public until April 28 to make any further input on the draft.
This development falls in line with China’s 5-year plan for “National Economic and Social Development and Vision 2035 of the People’s Republic of China,” in which it set a deadline for the year 2025 for certain technological developments.
Such developments include digital industries, in which blockchain is listed as a target to be “grown stronger, and the quality of such industries as communications equipment, core electronic components, and key software will be improved.”
In February, China announced plans for a new national blockchain research center. The center aims to connect Chinese universities, developers and blockchain businesses to research core blockchain technologies to push industry expansion.
In September 2022, the Chinese government claimed that the country makes up around 84% of all blockchain applications filed around the world. However, it was revealed that only 19% of all filed applications received approval.
Nonetheless, the Chinese blockchain industry is active. According to a national white paper, China currently has over 1,400 companies operating in its blockchain industry.