China's CPC Central Committee, State Council issue blockchain guidelines
by@TFTC21
Summary
On October 9, China’s Communist Party Central Committee and State Council released a policy document that calls for the establishment of a national blockchain network, aiming to enhance “new quality productive forces” in line with the goals of the 15th Five-Year Plan. This initiative links blockchain technology with a unified computing power network and data markets while maintaining a strict prohibition on cryptocurrencies, highlighting a regulatory approach that favors state-controlled applications. The guidelines emphasize advancing industrial digitization and technological innovation to bolster the country's economic development.
Analysis
Liu Zhenzhong: Liu Zhenzhong is a researcher at the Institute of Industrial and Technological Economics of the National Development and Reform Commission. He noted that new quality productive forces require institutional reforms to reshape resource allocation and remove development barriers. His analysis ties the guidelines to long-term strategic planning. State Council: The State Council functions as China's chief administrative authority and implements policies alongside CPC bodies. It jointly released the guidelines outlining measures to link blockchain with unified computing networks and industrial digitization. This supports broader goals of technological self-reliance and controlled digital economy growth. Wang Shengxiao: Wang Shengxiao is a researcher at the Party School of the Communist Party of China Central Committee. He highlighted the need for greater self-reliance in science and technology to capitalize on opportunities in new quality productive forces. His comments underscore the guidelines' focus on innovation-driven development. Communist Party of China Central Committee: The Communist Party of China Central Committee serves as the highest leadership body of the CPC and sets major policy directions. It co-issued the October guidelines with the State Council to accelerate new quality productive forces through innovation and digital integration. The move positions blockchain as a core element of national data and computing infrastructure under state oversight. Blockchain Policy: The guidelines explicitly call for building a national blockchain network integrated with computing power infrastructure and data markets. Regulatory Stance: China maintains its existing cryptocurrency prohibition while advancing permissioned blockchain applications under full state direction. Strategic Planning: Development of new quality productive forces is designated a key task in the 15th Five-Year Plan with related projects prioritized across industrial and technological domains.
Categories
cryptomacrotechpolitics