China unveils plan to build national blockchain network

China’s Communist Party Central Committee and State Council have formally unveiled an advanced-industry development policy that includes building a national blockchain network, Xinhua reported. In a joint opinion issued on Oct. 9, Chinese authorities said they would build a nationwide integrated computing network and a national blockchain network to promote the integration of the real economy and the digital economy. The policy centers on developing “new quality productive forces,” a national strategy aimed at raising productivity and creating new growth drivers through advanced technologies including AI, blockchain and robotics. Chinese authorities also said they plan to improve systems covering data ownership, trading and revenue distribution, while expanding support for future industries such as AI, quantum technology and 6G. The document did not present a detailed timeline for the blockchain network or any plan to ease cryptocurrency trading regulations.