Beijing government released the “Beijing Municipal Blockchain Innovation Development Action Plan (2020 – 2022)
Beijing has released a new industry development plan to drive the growth of the regional fintech sector. On 30 June the Beijing government released the “Beijing Municipal Blockchain Innovation Development Action Plan (2020 – 2022)”.
The Forbidden City in Beijing
The Plan sets the goal of “the initial establishment of Beijing as an influential commanding height for blockchain tech innovation; a commanding height for application demonstrations, a commanding height for industry development and a commanding height for innovative talent” by 2022.
Under the Plan Beijing will establish a Blockchain Industry Investment Fund as part of the Beijing Municipal Tech Innovation Parent Fund, in order to actively support projects via both states investment and social capital.
Beijing hopes to establish special mechanisms for connecting blockchain enterprises to capital markets, and encourage the listing of stronger companies.
The Plan also calls for the formation of a “Beijing Plan” for using blockchain technology to spur economic and social development, and the creation of a “new system” for the integration of blockchain tech innovations with industry development.
As AZCoin News recently reported, the Yunnan province city of Kunming has developed China’s first blockchain-driven bidding platform for public resources. The “Kunyilian” public resource transaction blockchain platform officially commenced operation in the city of Kunming on 23 June.
The launch of Kunyilian arrives just as China steps up investment in “New Infrastructure,” which includes blockchain technology, in response to the economic impacts of the COVID-19 pandemic.
On 17 April a meeting convened by the Chinese Politburo called for “strengthening investment in traditional and new infrastructure,” with leading domestic analysts expecting infrastructure investment in China to reach between 22 – 26 trillion yuan (US $3,1 trillion) in 2020.