More support for blockchain is suggested

Huang Yixuan
Lawmaker urges policies and measures that will boost the innovation and application of blockchain technology and build on the great progress in the industry seen in Shanghai.
Huang Yixuan

With the development of blockchain technology increasingly highlighted by the government, a lawmaker has suggested more support policies and measures to boost its innovation and application.

Blockchain technology has a wide array of applications within China, ranging from financing businesses to mass transit and poverty alleviation, President Xi Jinping said last year.

"We must take the blockchain as an important breakthrough for independent innovation of core technologies," Xi said.

The blockchain industry in Shanghai has seen great progress recently. Especially, with the support of Shanghai Blockchain Association, the Shanghai Blockchain Technology Innovation and Industrialization Base has made good achievements since it opened over a year ago.

For further development, Xie Jihua, a lawmaker from Yangpu District, suggested helping promote the base to become a first-class national blockchain professional demonstration park that would attract more high-quality blockchain enterprises from home and abroad to invest and do business in Shanghai.

The government can provide more opportunities for the industry, apply more blockchain technology in government and public services, focusing on the application of blockchain in people's livelihoods, government administration and in combination with traditional industries, Xie said.

Xie also called for more social capital to invest in blockchain technology, suggesting setting up funds for the industry and to encourage financial institutions and agencies to offer support for its development.

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