Blockchain Is A “Breakthrough” Technology, Says Chinese President Xi Jinping

Blockchain, News | May 31, 2018 By:

China’s president Xi Jinping said that new generation technologies, such as blockchain, are reshaping the global economic structure.

Speaking at the Chinese Academy of Sciences’ nineteenth annual conference in Beijing, Xi said blockchain, artificial intelligence (AI), and Internet of Things (IoT) has been accelerating the rate of “breakthrough applications.”

“Since the 21st century began, global scientific and technological innovation has entered an unprecedented period of intensive activity,” he said “A new round of scientific and technological revolutions and industrial changes is reconstructing the global innovation map and reshaping the global economic structure. The new generation of information technology represented by artificial intelligence, quantum information, mobile communication, internet of things, and blockchain is accelerating breakthroughs in its range of applications.”

The president also emphasized the need for China to focus on technological development and become the global center of science and innovation.

“If China is to flourish and rejuvenate, it must vigorously develop science and technology and strive to become the world’s major scientific center and innovative highland,” Xi said. “We are closer to the goal of the great rejuvenation of the Chinese nation than at any time in history. We need to build a powerful world of science and technology more than any other time in history.”

In September 2017, the Chinese government banned cryptocurrency trading and sales of new digital tokens through initial coin offerings (ICO). However, it still remains a hub of activity for blockchain development.

Last week, the State Council of China ordered the country’s Guangdong Free-trade Zone to accelerate blockchain development and application as part of the region’s economic reform.

“To build a regional equity market in Guangdong, according to the opening up of the capital market, timely introduction of Hong Kong, Macao and international investment institutions to participate in transactions,” the State Council of China said. “We will vigorously develop financial technology and accelerate the research and application of blockchain and big data technologies under the premise of legal compliance.”