Beijing Unveils “Web3 Innovation and Development White Paper” to Propel Internet Industry Forward

Beijing, China’s capital city, made a significant move this morning by releasing a white paper focused on fostering innovation and development in the web3 industry. The document, titled “Web3 Innovation and Development White Paper (2023),” highlights the inevitability of web3 technology as a crucial factor in the future development of the Internet industry.

According to a report from local news outlet The Paper, the Beijing Municipal Science & Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, unveiled the white paper during the prestigious Zhongguancun Forum.

Beijing Releases “Internet 3.0 Innovation and Development White Paper (2023)”

The white paper serves as a testament to Beijing’s ambitions to position itself as a global hub for innovation in the digital economy. To realize this vision, the Chaoyang district of the city has committed to allocating a minimum of 100 million yuan (approximately $14 million) each year until 2025.

Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, revealed this investment plan during the forum. Zhongguancun, often referred to as China’s Silicon Valley, has been at the forefront of technological advancements in the country.

The recently published white paper sets out Beijing’s objectives to strengthen policy support and expedite technological breakthroughs to drive the growth of the web3 industry. Web3, also known as the decentralized web, refers to the next generation of internet technology that incorporates blockchain, decentralized finance (DeFi), non-fungible tokens (NFTs), and other emerging concepts.

The Beijing Municipal Science & Technology Commission recognizes the potential of web3 technology to revolutionize various sectors and believes that its adoption will be crucial for the future of the Internet industry.

By releasing this white paper, Beijing aims to create an environment that fosters innovation, attracts talent, and encourages the development of cutting-edge web3 applications. The city’s commitment to financial investment and policy support is a clear indication of its determination to establish itself as a global leader in the field. The focus on the Chaoyang district, with its connection to Zhongguancun, further demonstrates Beijing’s strategic approach to leveraging existing technological ecosystems to drive innovation and economic growth.

This initiative by Beijing aligns with China’s broader efforts to embrace emerging technologies and position itself as a global powerhouse in the digital realm. The release of the “Web3 Innovation and Development White Paper (2023)” serves as a blueprint for future actions and sets the stage for collaboration between government agencies, technology companies, and industry experts to advance the web3 industry.

As Beijing moves forward with its plans, it is likely to see increased participation from domestic and international companies, entrepreneurs, and innovators eager to leverage the city’s resources and tap into its vibrant tech ecosystem. The release of the white paper signals Beijing’s commitment to embracing and promoting web3 technology, which could have far-reaching implications not only for the city but also for the global tech landscape.

The unveiling of this white paper marks an important milestone in Beijing’s journey toward becoming a global leader in web3 innovation and development. It signifies the city’s recognition of the transformative potential of web3 technology and its determination to create an ecosystem that nurtures and supports its growth. As Beijing forges ahead, the world will be watching closely to see how this ambitious endeavor unfolds and the impact it has on the future of the web3 industry.

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