China is moving to strengthen the digital foundations of its economy, with a new policy calling for a nationwide blockchain system and a coordinated computing network as part of a broader industrial development strategy.
The measures appear in a 19-point document published on October 9. The policy links digital technology more closely with manufacturing and other parts of the physical economy while also outlining plans for data infrastructure.
Among its provisions, the document calls for clearer arrangements covering data ownership, trading, rights, and the protection of economic interests. Officials are also encouraged to conduct trials and to improve the development and management of data infrastructure.
The digital economy section includes plans for a unified computing system and a nationwide blockchain system. The government also intends to expand industrial internet initiatives and smart manufacturing.
The policy also seeks to encourage companies to adopt digitization and expand businesses that provide digital services and goods. Authorities are expected to support globally competitive technology clusters and adjust policies to facilitate development across the digital sector.
The document proposes mechanisms aimed at attracting more funding to emerging industries while spreading associated investment risks. Existing fiscal measures are expected to be used alongside continued private-sector investment in technological development.
China has previously promoted blockchain applications in financial services. In April, tax and financial regulators backed blockchain-based information sharing to improve lending to small companies.
The latest policy also addresses international data activity. It proposes an open and secure data market and calls for exploration of systems that could make cross-border information transfers more efficient.
Separately, Guangdong has proposed expanding digital financial experiments in its free trade zones. A draft plan released August 6 included trials involving cross-border use of the digital yuan, offshore financial services, financial technology, and green finance. It also mentioned supply-chain financing, intellectual-property-backed lending, multi-currency accounts, and international credit transfers.
China’s central bank has meanwhile continued expanding participation in its digital yuan system. In August, eight banks were approved, bringing the number of participating operators to thirty.
The central bank has also introduced rules allowing approved digital yuan wallets to gain interest, with eligible balances receiving deposit insurance protection. Meanwhile, regulators have maintained restrictions on crypto-related activities, including certain stablecoin issuance and mining operations.
Outside China, U.S. authorities have imposed separate safeguards concerning access to sensitive American data. The DOJ restricts certain transactions involving countries of concern, including Macau, China, and Hong Kong. The framework covers government information and large volumes of sensitive personal data, such as health, financial, location, and biometric records.
For major players like Coinbase Global Inc. (NASDAQ: COIN) in the crypto industry, the evolving digital asset rules in China are of great interest as they could open lucrative business opportunities.
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