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Blockchain Technology Included in China’s National Strategy Document

On 28th December, China’s Premier Li Keqiang signed the Initiative of  China’s Information Technology Application, which is part of the 13th Five-Year-Plan for Social and Economic Development of China. Blockchain technology has been officially listed in the initiative. The five-year-plan is the most import national strategic guideline for China’s social and economic development. The 13th Five-Year-Plan sets the tone for China’s development for the period from 2016-2020.

lkq

Premier Li Keqiang

The National Congress published the initiative today. The internet, telecommunication and other information-technology related community all begin to analyze the document. Blockchain community find important signals, too.

As the back ground, the document reads:

” During the 13th Five-Year-Plan period, the global information technology development will ace extraordinary changes in its environment and challenges faced. Internationally, the world economy is barely recovering from deep adjustment with low growth rate. The global trade has slowed down…The urgency of the need from human society for updates of information technology has been up to an unprecedented degree…Internet of things, cloud computing, big data. artificial intelligence, machine learning, Blockchain, bio-genetic engineering and other new technologies to will make people and things all connected.”

 

As the development direction, it reads:

“China needs to be proactive and take the lead in researching and developing strategic cutting-edge technology. China needs to embrace world class technology, focusing on areas that concern national major need and economic development. Besides, China needs to focus on strategic, cutting-edge and security-oriented technology with emphasis on fundamental technology, general technology and asymmetry technology. Furthermore, China needs to be strengthen its proactive efforts in developing technologies including quantum communication, future network, brain-like computing, artificial intelligence, holographic display, virtual reality, big data cognitive analysis, new non-volatile storage, unmanned vehicles, Blockchain and gene editing…China needs to encourage corporates to innovatively research on fundamental theory cutting-edge technology.”

 

Chinese official documents are famous for its subtlety. The contents will be reviewed by the National People’s Congress, China’s legislative body, and Premier himself. The rhetoric in the 13rd Five-Year-Plan is an important testimony to China’s supportive attitude to Blockchain technology, which is in line with efforts of People’s Bank of China (PBOC) to issue China’s own digital currency (see our article). PBOC has sung a song of digital currency, now the State Council is setting the stage for Blockchian.

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