Once again, China makes very clear its intention to stay ahead when it comes to utilizing Blockchain technology, including the technology as part of its China Five-Year Plan.
Blockchain technology claims greater importance in China
According to the South China Morning Post (SCMP), the word “Blockchain” was first mentioned in China’s regular Five-Year Plan, which sets out the country’s economic priorities for the period 2021-2025.
Therefore, the latest five-year plan for China sets general goals and priorities from urgent economic matters to Blockchain technology implementation plans.
In this sense, the incorporation of technology is a clear sign that they plan to increase the role that Blockchain plays in the country. And to do so, spending on research and development is projected to increase by 7% each year until the end of 2025.
The relationship becomes much more serious
It is worth remembering that it was the president of China himself, Xi Jinping, who assured that the Blockchain will play a transformative role in the technological advancement of the country.
In fact, it was three years ago when the Chinese government included the Blockchain in the technological plan of the State Council. However, it was President Xi’s support that catapulted the adoption and development of the technology in the country.
Since then, the exploration of the country in new technologies, especially in the Blockchain, has been practically incessant. Thus, the country’s projects range from its plan to develop a central bank digital currency to the use of biometric hardware wallets.
However, China’s latest Five-Year Plan was not to everyone’s liking. According to Foreign Policy, the plan has even been listed as disappointing.
Basically the broader goal of the plan is to achieve self-sufficiency for China in key industries such as technology. But the plan has apparently been widely criticized for its lack of economic ambition and a tendency to focus heavily on debt reduction.
This is how China is positioning itself as one of the world leaders in the use of Blockchain technology. We want to know your opinion! Do you think any other country will be able to compete against China?