China created 15 blockchain-related special zones

The Chinese government has created 15 blockchain-related special zones for 164 businesses. Manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross-border financing are just a few sectors where projects will be implemented.

On Sunday, sixteen Chinese government bodies unveiled a list of national pilot zones for the blockchain technology market. These will be created “to further implement the innovative application of blockchain technology.”

People’s Bank of China (PBOC), China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission are among the 16 government agencies.

The list contains 15 pilot zones, including Beijing, Shanghai, Guangzhou, Chengdu in Guangdong and Sichuan provinces, respectively. Additionally, it has identified 164 entities selected for blockchain pilot projects, including hospitals, universities, and businesses. SAIC-GM-Wuling Automobile Co., China National Offshore Oil Corp, Beijing Gas Group Co., and Industrial and Commercial Bank of China Ltd are selected companies.

According to the announcement, projects will be implemented in various industries, including manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross-border financing.

The authorities emphasised the “importance of collaborative growth.” Additionally, they stated that supervisors “in all regions should prioritise increasing collaboration” on projects. Additionally, we learnt that blockchain technology is intended to “encourage data exchange, enhance corporate operations, minimise operational costs, increase cooperation efficiency, and establish a reliable system.”

The announcement also stated that all pilot zones should prioritise “the adoption of blockchain software and technology, as well as interoperable and sustainable hardware solutions and goods.”

China’s Cyberspace Administration and national and provincial industry regulators will establish relevant units and specialists to advise pilot planning, training exchange, and standardised development.

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