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China's Blockchain Hopes Set in Stone after Reference to the National Five-Year Plan

Cryptocurrency Broker - Mark

China's new five-year plan expressly addresses blockchain technology and indicates a growing emphasis on research into digital technologies.

China's commitment to keep ahead of the curve when it comes to the use of blockchain technology was demonstrated again this week, following the publication of the country's current five-year growth plan. The term "blockchain" was reportedly listed for the first time in China's 14th daily five-year plans, which set the country's economic goals for the period from 2021 to 2025, according to the local news outlet Pingwest.

China's interest of emerging technologies has been ongoing in recent years. From its current scheme to develop the digital currency of the central bank to its use of digital biometric hardware wallets for the digital yuan, China is now known to be at the level of contemporary currency issuing.

All of this is amid widespread mistrust of open-source, decentralized cryptocurrencies inside China, as shown by the country's prohibitions on cryptocurrency exchanges and introductory coin offerings.

The recent launch of digital yuan transactions in China's Shanghai stores, combined with the roll-out of ATMs in the Shenzen zone, align with China's target of having 65% of its population by the end of the next five years using the technology.

The country's ability to cooperate with business companies in search of this target was shown recently when the China Merchants Port—the country's largest port operator—partnered with Alibaba to facilitate the introduction of blockchain technology in the port field.

The five-year plan has been criticised in other ways, especially for its lack of wider economic ambition and a failure to concentrate heavily on debt reduction. In comparison to US President Joe Biden's latest decision to issue another $1.9 trillion as part of the COVID-19 stimulus program, China has recently put out plans to introduce a $140 billion package for the same reason.

Technology expenditure is likely to add higher returns to China's GDP in the coming years, with research & design expenditure expected to rise by 7% annually by the end of 2025.

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