China has called for a national blockchain network and an integrated computing power network in a policy document. The opinion also proposes changes to data ownership rules and data-market pilots. Chinese banks and the central bank have already moved on related digital finance steps.
China called for a national blockchain network and an integrated computing power network in a policy document covering 19 measures to develop technology-led industries and connect the digital economy with real-world production. Xinhua News Agency published the opinion, issued by the Communist Party of China Central Committee and the State Council on Oct. 9.
The document places the national blockchain network within a section on connecting the real economy and the digital economy, alongside manufacturing upgrades and national data infrastructure.
Data rules and market pilots
Under the opinion, authorities should improve rules governing who owns data, how it is traded, how rights are allocated, and how participants' interests are protected. The policy also calls for pilot projects involving data as an economic resource.
The opinion further calls for an open, shared and secure market for data. Its provisions include exploring mechanisms for efficient cross-border data movement.
Banks and the digital yuan already in motion
Earlier Chinese policy has already addressed blockchain use in business finance. On April 6, crypto.news reported that the State Administration of Taxation and the National Financial Regulatory Administration had encouraged blockchain-based tax data sharing as part of changes to bank lending for small businesses.
Separately, on Aug. 17, the People's Bank of China announced it had approved eight additional banking operators, raising the digital yuan network's total from 22 to 30. The central bank linked the expansion to the 2026–2030 national planning period.
Crypto restrictions stay in place
For cryptocurrency businesses, a February notice from the PBOC, the China Securities Regulatory Commission and other agencies extended oversight to stablecoins and tokenized assets. According to the notice, issuing offshore renminbi-pegged stablecoins requires authorization.
Source: crypto.news
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