Chi­na’s Two Ses­sions con­gres­sional meet­ing fo­cus on the in­te­gra­tion of blockchain tech­nol­ogy with spe­cific in­dus­tries

Rep­re­sen­ta­tives at Chi­na’s Two Ses­sions con­gres­sional meet­ing have sub­mit­ted a slew of bills in re­la­tion to the de­vel­op­ment and ap­pli­ca­tion of blockchain tech­nolo­gies.

The 2020 Two Ses­sions meet­ings of Chi­na’s top leg­isla­tive bod­ies kicked off in Bei­jing on 21 May, fol­low­ing a two-month de­lay due to the COVID-19 out­break.

These in­clude bills sub­mit­ted by mem­bers of Chi­na’s Na­tion­al’s Peo­ple’s Con­gress (NPC), as well as the Chi­nese Peo­ple’s Po­lit­i­cal Con­sul­ta­tive Con­fer­ence (CP­PCC), mainly fo­cus on the in­te­gra­tion of blockchain tech­nol­ogy with spe­cific in­dus­tries, as well as the in­clu­sion of the blockchain in new in­fra­struc­ture de­vel­op­ment.

Fol­low­ing Pres­i­dent Xi Jin­ping’s call for greater blockchain de­vel­op­ment in Oc­to­ber 2019, as well as the Na­tional De­vel­op­ment and Re­form Com­mis­sion’s (NDRC) in­clu­sion of blockchain within the re­mit of “new in­fra­struc­ture” on 21 April 2020, this year’s Two Ses­sions has seen a flurry of bills in re­la­tion to dis­trib­uted ledger tech­nol­ogy.

Blockchain adoption in China

China is leading the way for blockchain development. On April 27, China’s Blockchain-based Service Network, or BSN, launched officially, which is a global commercial project to help blockchain projects create and run a new application based on such technology for a lower cost.

Last year, Beijing tech hub Zhongguancun said it plans to roll out financial subsidies for blockchain firms.

In South China’s Shenzhen district, called “Silicon Valley of Asia”, the local tax department is working with Tencent on blockchain tax invoices.

On the other hand, the government of Anhui, a province in eastern China, released its first blockchain platform for providing government services.

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