China To Support Blockchain Development Under New Five-Year Plan
Source: Cryptocoins News on December 29, 2016 | Lester Coleman
China, a country that already plays a critical role in cryptocurrency due its dominance in bitcoin trading and mining, will support blockchain development as part of its recently-announced five-year plan, according to the state council website. The 13th Five-Year Plan (2016-2020) period has had a strong start and is poised to fulfill all key targets set by the central government for economic development.
According to the “13th Five-Year Plan” national information planning document, the “Thirteen Five” period is the stage for building a moderately prosperous society, with information and communication technology to provide a breakthrough in the initial development stage.
Profound Changes Coming
The document noted that the development of the global information technology environment, conditions and content are undergoing profound changes.
“Internet, cloud computing, large data, artificial intelligence, machine learning, block chain, bio-genetic engineering and other new technologies to drive cyberspace from everyone to the Internet to the evolution of everything, digital, network, intelligent services will be everywhere,” the document stated.
With the “real” and the digital worlds’ increasing convergence, the global governance system is facing profound changes. The global economy is expected to accelerate information technology innovation, the maximum release of the “digital dividend”, in response to a “post-financial crisis” era of “growth instability and uncertainty,” the document further noted.
Technologies Cited Include Blockchain
The document also noted “new technologies such as quantum communications, future networks, brain-like computing, artificial intelligence, holographic display, virtual reality, large data cognitive analysis, new non-volatile storage, unmanned vehicles, block chaining, gene editing, etc.” will build a new game-leading advantage.
The development of the “real economy” is based on both technology and financial innovation, meaning the capital market should be further improved to encourage more venture capital investment to boost the country’s entrepreneurship and innovation.
New modes like crowd sourcing and crowd funding should be coordinated with mass entrepreneurship to boost innovation, the state council website stated.