Chinese President Xi Jinping publicly endorsed the emerging blockchain technology for the first time after affirming its potential in a speech.
The president commented that blockchain is of utmost importance to a revolutionary technology that China must have to succeed in the global economy.
“Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure … with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.”
China needs to establish high standard national laboratories to promote research and development of technology framework.
Blockchain development is already in full swing in the Guandong Free-trade Zone as part of the region’s economic reform, Coindesk previously reported.
The State Council has already brought in the notion of blockchain as part of a strategy to reform information technology in the 2016 to 2020 economic development plan.
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