For the first time publicly, Chinese President Xi Jinping endorses Blockchain. During his academic conference speech, Mr. Jinping has noted that Blockchain is a key part of a technology revolution that China should grasp to grow in the global economic arena.
31 May, AtoZ Markets – The President of China Xi Jinping has publicly endorsed the potential of Blockchain in a speech. This marks the first time Mr. Jinping has acknowledged this phenomenal technology in public.
Chinese President Xi Jinping Endorses Blockchain
Xi Jinping has been attending the annual academic conference that was hosted by the Chinese Academy of Sciences. During his speech, Mr. Jinping has noted that Blockchain is a key part of a technology revolution that China should grasp to grow in the global economic arena.
He has been quoted as saying:
“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure … with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.”
Following on this, he has highlighted that in order to advance in the face of the global economic competition, China is planning to launch national laboratories with high standards to solidify research and development of technology infrastructure.
However, he did not provide any further details in regards to how Blockchain should be used. His remarks appeared just some days after the Chinese government’s central administrative branch has spoke about Blockchain in its letter.
China’s Blockchain Initiatives
Earlier this May, Chinese State Council has ordered the country’s Guangdong Free-trade Zone to speed up the Blockchain development and application as part of the economic reform.
As a matter of fact, the State Council has already introduced the concept of Blockchain as part of the strategy related to the information technology. The strategy has been outlined in China’s 13th five-year economic development plan, which is about to be implemented from 2016 to 2020.
Just last month, the National Audit Office of China proposed Blockchain solutions for data storage. As of the moment, the office carries the responsibility to store a massive amount of data. The office believes that these data can be stored more efficiently on a decentralized ledger.
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