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China’s Central Government Orders the Acceleration of Blockchain Adoption In Guangdong FTZ

The State Council, China’s cabinet,issued an order to require the local authorities to expedite the development and adoption of blockchain and big data technologies, according to the document which was officially released on Thursday.

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The highest-level order demands that the provincial and municipal government in Guangdong speed up the development of financial technologies, including the acceleration of developing and implementing blockchain applications under the existing regulatory frameworks.

Undoubtedly, blockchain technology will play an important role in deepening the reform of Guangdong Pilot Free-Trade Zone(FTZ), which was established with the approval of China’s central government in 2014. Guangdong FTZ, located in south China, is positioned as an international shipping center, trade center and a model of financial opening-up which will enhance cooperation with Hong Kong and Macau.

Although the State Council’s document dose not offer details on how the technology will be leveraged in the reform of the free trade zone, Guangdong Province, China’s largest regional economy, has been a blockchain center in this country. According to the White Paper on China’s Blockchain Industry recently released by the Ministry of Industry and Information Technology, Guangdong Province is home to 71 blockchain startups, accounting for 16% of the industry players in China and the number only next to that of Beijing and Shanghai.

Foshan Chancheng District, Guangdong Province, has implemented the country’s first “blockchain +community corrections” project in May, breaking the data barriers between relevant departments such as the Judicial Bureau, courts and prosecutors, and has achieved data sharing in community corrections. The Huangpu district in Guangzhou, capital of Guangdong province,  is reported to provide financial support worth RMB 200 million ($30.5 million) per year for the  growth of the blockchain industry. These initiatives demonstrate that blockchain has become a key part of the fintech industry in Guangdong.

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