National People’s Congress member urges speeding up blockchain development in China

One member of the National People’s Congress suggested that China should accelerate the development of national blockchain infrastructure to support government services, the country's supply chain and trade.

Dong Jin, a deputy to the NPC, stated that he had submitted a formal suggestion this week, urging the government to establish broader blockchain infrastructure and industry standards to stimulate the growth of the country’s blockchain industry, as reported by the state news agency China News Service.

He mentioned that China has produced a significant amount of data resources due to its flourishing digital economy, and blockchain technology could aid in facilitating data circulation and sharing.

Dong, who manages a national blockchain research center in Beijing, observed that the center is developing a blockchain-based system to serve industries including maritime transport, supply chain finance, and energy.

Discussions at 'Two Sessions' event in Beijing

The NPC deputy’s proposal was made as thousands of delegates from across China gathered in Beijing this week for the “Two Sessions,” the most crucial annual political meetings that assemble the country’s political elite and industry leaders.

While China continues to ban cryptocurrency trading and mining, the country remains bullish on homegrown blockchain technology and digital economies — with Chinese tech giants, such as Alibaba and Tencent, focusing on developing their own consortium networks.

In May 2023, Beijing, China’s capital city, released a whitepaper aimed at improving innovation and development in the country's Web 3.0 industry. In that regard, government intends to establish Beijing as an innovation hub for the economy.