China orders creation of national blockchain network

China: China is a major global economic power operating under a centralized governance model led by the Communist Party. In this news, the country through its highest authorities has directed the creation of a national blockchain network as part of a broader policy to advance new quality productive forces and deepen ties between the real economy and digital technologies. State Council: The State Council functions as China's chief executive and administrative authority responsible for policy implementation across national affairs. Together with the Communist Party Central Committee, it has released a set of opinions outlining construction of a national blockchain network and related computing resources as part of efforts to build competitive digital industry clusters. Communist Party: The Communist Party of China serves as the country's ruling political party and provides overall leadership on state policies and economic direction. Its Central Committee recently joined the State Council in issuing opinions that explicitly mandate building a national blockchain network to support digital-real economy integration and optimize data infrastructure. Policy: China's top governing bodies have issued opinions on developing new quality productive forces that prioritize integration of the real and digital economies. Regulation: The policy framework seeks to improve systems for data property rights, market trading, rights allocation, and interest protection while exploring cross-border data flows. Infrastructure: The directive calls for a national blockchain network and a nationwide integrated computing power network to optimize national data infrastructure.