Blockchain development has kind of become an element of the party line in the world’s largest officially communist state. The General Secretary of the Communist Party of China, Xi Jinping, recently told a Politburo meeting that the People’s Republic has to gain an edge in the emerging field. Some say Xi’s statement brought back the smiles of crypto investors and was the main reason for the recent market spike. But is it really that simple?
President Xi Urges Quick Development of Blockchain
In his remarks to the participants in a group study session of the CPC Central Committee Political Bureau, the Chinese president “underscored the important role of blockchain technology in the new round of technological innovation and industrial transformation, urging more efforts to quicken development in the sector.” That’s a direct quote from a report by the state-run news agency Xinhua, which covered the meeting that took place this past Thursday.
Xi acknowledged that the application of blockchain technology has been extended to multiple sectors of the economy, including digital finance, Internet of Things, smart manufacturing, supply chain management, and digital asset trading. He also pointed out that the world’s major powers are stepping up efforts in planning blockchain technology development. China’s blockchain sector has a sound foundation, the leader noted, emphasizing the need to expedite the development of blockchain technology and innovation-driven industrial development.
China must gain an edge in this field, the statesman said, in its theories and in its industries, he elaborated. But to achieve that, more efforts should be made in order to strengthen the basic research conducted in the most populous country and to boost innovation in one of the oldest nations.