Beijing Releases 2020 – 2022 Blockchain Development Plan in Search of “Commanding Heights” of Industry

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Beijing has released a new industry development plan to drive the growth of the regional fintech sector.

On 30 June the Beijing government released the “Beijing Municipal Blockchain Innovation Development Action Plan (2020 – 2022)” (北京市区块链创新发展行动计划(2020—2022年)).

The Plan sets the goal of “the initial establishment of Beijing as an influential commanding height for blockchain tech innovation; a commanding height for application demonstrations, a commanding height for industry development and a commanding height for innovative talent” by 2022.

Under the Plan Beijing will establish a Blockchain Industry Investment Fund (区块链产业投资基金) as part of the Beijing Municipal Tech Innovation Parent Fund (北京市科技创新母基金), in order to actively support projects via both states investment and social capital.

Beijing hopes to establish special mechanisms for connecting blockchain enterprises to capital markets, and encourage the listing of stronger companies.

The Plan also calls for the formation of a “Beijing Plan” for using blockchain technology to spur economic and social development, and the creation of a “new system” for the integration of blockchain tech innovations with industry development.

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