China aims to largely complete a national blockchain network by 2030, according to a new five-year plan for the country’s digital development.
The target appears in the 15th Five-Year Plan for National Informatisation, published on Friday by the Central Cyberspace Affairs Commission, the senior Communist Party body that coordinates digital policy.
What the plan says
The plan calls for stronger technical standards for blockchain and wider use of the technology in how data is shared and traded.
It also sets regional priorities. In the Yangtze River Delta, it calls for deeper use of blockchain in trade and finance. In the Chengdu and Chongqing region, it calls for large-scale use in manufacturing and agriculture.
Reporting on the plan did not set out how the national network will be built, or whether it will be open to the public.
Building on earlier policy
The national blockchain network was already part of China’s national development plan released in March. A joint policy from the Communist Party’s central leadership and the State Council, published on 9 October, also called for it to be built.
China’s push dates back to October 2019, when President Xi Jinping called for greater investment in blockchain and named it an important area for the country’s own technology.
Blockchain yes, crypto no
Nothing reported from the plan changes China’s stance on cryptocurrency. Crypto-related business activity remains banned on the mainland, even as the government promotes blockchain as a national priority.
What happens next
The plan runs to 2030. The details to watch are which agencies lead the build-out, and how the network is designed and governed.
