Ministry of Industry Expects China’s Blockchain Sector to Exceed 2 Billion Yuan in 2020

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The Ministry of Industry and Information Technology’s (MIIT) official news publication has released a new report on the state of the Chinese blockchain sector.

MIIT’s “2020 China Blockchain Development Situation Outlook”(中国区块链发展形势展望) points to a “continuous surge in outstanding enterprises and independent innovations” in the Chinese blockchain sector of late.

Key figures for China’s blockchain sector highlighted by the MIIT report include:

  • The release of 45 blockchain-related policies by China’s central government ministries and commissions as of the first half of 2019.
  • The release of 187 blockchain-related policies by China’s regional governments as of the first half of 2019.
  • The release of specialist blockchain policies by a total of eight Chinese cities, including Guangzhou, Shanghai, Chongqing and Qingdao.

The Outlook further points out that companies involved in blockchain development are dominated by venture enterprises (57% of the total), followed by Internet enterprises (23%), financial institutions (12%) and traditional listed companies (8%).

Blockchain research institutions are dominated by tertiary institutions and enterprises, and concentrated mainly in Beijing, Hangzhou, Shanghai, Shenzhen and Guiyang.

According to MIIT data China currently accounts for around 70% of global blockchain patents, while its blockchain patents in the first half of 2019 alone exceeded full-year 2018.

China’s blockchain sector generated 625 million yuan in the first three quarters of 2019, for YoY growth of 12.14%.

In 2020 MIIT expects the scale of China’s blockchain sector to exceed 2 billion yuan, and the number of blockchain-related enterprises to surpass 1,000.

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