Chinese Central Bank’s Tech Chief Says Blockchain Must Be Integrated with Real Economy

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A senior tech official from the People’s Bank of China (PBOC) has stressed the need for China to drive the independent development of blockchain applications.

Li Wei (李伟), head of PBOC’s tech department, said that the blockchain is a key emerging technology that possesses immense potential for driving innovative development of the digital economy.

“We must pursue in-depth research of blockchain technology and drive in-depth integration of the blockchain with the real economy,” said Li on 28 October during a speech delivered at the inaugural Bund Financial Summit (外滩金融峰会).

According to Li the use of blockchain technology will be help to resolve a number of problems for the Chinese financial system, including the financing difficulties of small and medium-sized enterprises, bank risk control and regulation in hard-to-reach areas.

“The digital transformation of commercial banks must also focus strongly on the application of blockchain technology,” said Li.

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