The development of blockchain technology is a priority for the Chinese government.
The Chinese city of Fuzhou has unveiled a new digital policy plan to promote the comprehensive development of the blockchain industry and technological innovation.
Through its new plan, the city, capital of Fujian province, wants to attract companies from the blockchain industry, to accelerate its development and modernization.
Fuzhou will provide support to blockchain companies that want to establish themselves in its territory. According to the local government, blockchain-related companies, service providers and institutions that rent space within its innovation zones, such as the Fuzhou Software Park, the Southeast Big Data Industrial Park and the Internet of Things (IoT) Innovation and Development Center, will be eligible to receive subsidies from the Municipal Finance Bureau.
The subsidies the government is offering to companies in the industry range from 500.000 yuan (about $71.600) for blockchain-based projects to 600.000 yuan (about $85.900) a year for renting office space.
Likewise, the Chinese city will allocate other economic incentives to blockchain companies that they achieve certain objectives, such as government certifications, among others.
Fuzhou City Leads China's Digital Transformation
With new policies and incentives announced by the Municipal Finance Bureau, Fuzhou City aims to attract more companies dedicated to blockchain innovation to foster the growth of its economy and boost its digital transformation.
However, the city's commitment to blockchain innovation extends beyond the need to attract capital and new investment. Fuzhou is also working on the Development of new blockchain applications and use cases to strengthen the government and public administration sectors.
During the 6th Digital China Summit held in Fuzhou last month, the local government showcased new applications of blockchain technology for efficient storage and management of government data.
In 2021, SettleMint co-founder and CEO Matthew Van Niekerk noted that blockchain technology would be massively implemented by governments, not only to optimize processes such as electronic voting and digital identity, but as a key technology to accelerate its economic and social growthAccording to Van Niekerk, blockchain will not only transform the way people interact with government services, but will also be considered an essential infrastructure for triggering economic activity.
China on its way to becoming the global leader in Blockchain
Despite China's ban on cryptocurrencies, the nation wants to become the undisputed leader in blockchain globally.
China has been promoting the use and adoption of blockchain technology for years, launching everything from a service network called Blockchain Services Network (BSN) to the creation of its own CBDC digital currency and the inauguration of a technological innovation center focused on this technology, from which it will train 500.000 new professionals.
The Asian giant is banking on the potential of blockchain to strengthen the development of the technology sector, foster the creation of smart cities and transform the daily lives of its citizens.
Continue reading: China launches its National Blockchain-powered Technology Innovation Center
