Key facts
- China plans to build a national blockchain network to promote its digital economy.
- The initiative includes plans for AI and quantum computing development.
- The proposal aims to boost the integration of China's digital economy.
- China previously considered easing stablecoin rules to promote the digital Yuan.
- Chinese AI firms are developing open models comparable to American ones.
China is advancing its digital economy with plans to construct a national blockchain network, alongside initiatives in artificial intelligence and quantum computing, according to a joint opinion released by the country's Communist Party Central Committee and the State Council. This move is part of China's effort to keep pace with the United States in technological advancements.
The proposed national blockchain aims to foster the deep integration of China's digital economy. The plan also includes building a national integrated computing power network. This initiative could signal a shift in regulatory approach towards digital assets, even as cryptocurrency transactions remain largely prohibited in China. Previously, China had considered easing stablecoin regulations to encourage the adoption of its digital Yuan, a move that could counter the global influence of stablecoins like USDT and USDC.