17 Provincial Governments Around China Launch Blockchain-related Policies

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An increasing number of regional governments around China are launching policies that encompass support for the development of their local blockchain industries.

According to a study from BlockData a total of 17 province-level governments in China have issued 32 blockchain-related policies over the past two years, including Beijing, Shanghai, Guangdong, Chongqing, Zhejiang, Jiangsu and Guizhou.

Beijing, Shanghai and Guangdong have become key hubs for the launch of blockchain-related policies, with the release of 11 altogether, or over a third of the nationwide total.

Guangdong province was one of the first parts of China to kick off official efforts to support the blockchain sector. In November 2016 the Shenzhen municipal government released the “Shenzhen Municipal Financial Sector Development 13th Five Year Plan” (深圳市金融业发展“十三五”规划), which called for “supporting greater research and exploration of blockchain, digital currencies and other emerging technologies by financial institutions.”

Over the past year-long period the Guangdong-province mega-cities of Shenzhen and Guangzhou have launched 3 policies that touch upon support for the development of blockchain technology.

The Beijing municipal government has launched five policies to spur the development of blockchain technical standards over the past two years, including the “Beijing Municipal Plan to Expedite the Development of Fintech (2018 – 2022)” (北京市促进金融科技发展规划(2018年-2022年)) which was released on 9 November 2018 and includes blockchain technology within its remit.

In March 2017 Shanghai’s Baoshan district issued the “Baoshan District 2017 Financial Services Key Work Points” (宝山区2017年金融服务工作要点) which called for the establishment a blockchain incubation base in the Miaohang district.

In April of the same year the Shanghai Internet Finance Association issued the “Internet Finance Institution Blockchain Technology Applicable Self-regulatory Rules” (互联网金融从业机构区块链技术应用自律规则) , calling for blockchain technology to “service the real economy,and  focus upon balancing innovation with standardisation and safety.”

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