China Still Lags in Independent Blockchain Technology: Ex-Bank of China Head

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The former head of one of China’s big six state-owned banks has lamented the country’s lack of competitiveness in the area of independent blockchain technological development.

Li Lihui (李礼辉), formerly the head of Bank of China (BOC), said that despite being a major power in terms of digital resources and digital market scale, China continues to suffer from shortcomings in terms of core digital technologies.

“China has yet to establish a competitive advantage on the field of global digital technology,” said Li at the China Beijing International High-tech Expo on 18 September.

“In terms of base-level technologies, such as blockchain consensus mechanisms and smart contracts, China currently lacks independent property rights.”

Li also highlighted the need for breakthroughs when it comes to “blockchain technological bottlenecks,” which have become a focal point for Chinese R&D.

“At present no countries have achieved large-scale application of blockchain technology,” said Li.

“China’s blockchain technology R&D focuses on breaking through the bottleneck of scaled, reliable application.”

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