{"id":200486,"date":"2021-03-12T14:59:01","date_gmt":"2021-03-12T11:59:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chinas-blockchain-ambitions-set-in-stone-after-mention-in-national-five-year-plan\/"},"modified":"2021-03-12T14:59:01","modified_gmt":"2021-03-12T11:59:01","slug":"chinas-blockchain-ambitions-set-in-stone-after-mention-in-national-five-year-plan","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chinas-blockchain-ambitions-set-in-stone-after-mention-in-national-five-year-plan\/","title":{"rendered":"# China\u2019s blockchain ambitions set in stone after mention in national five-year plan"},"content":{"rendered":"

“# China\u2019s blockchain ambitions set in stone after mention in national five-year plan <\/strong>”
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China\u2019s determination to stay ahead of the curve when it comes to the utilization of blockchain technology<\/a> was evidenced again this week, after the release of the country\u2019s latest five-year development plan. <\/p>\n

The word \u201cblockchain\u201d was reportedly mentioned for the first time in the 14th of China\u2019s regular five-year plans, which lay out the country\u2019s economic priorities for the period from 2021 to 2025, according to local news<\/a> outlet Pingwest<\/a>.<\/p>\n

China\u2019s exploration into new technology has been unceasing in recent years. From its ongoing scheme to roll out a central bank digital currency to its utilization of digital biometric hardware wallets for the digital yuan, China\u2019s is already regarded to be at the forefront of national currency issuance. <\/p>\n

All of this is despite a general<\/a> distrust of open-source, decentralized cryptocurrencies within China, as evidenced by the country’s bans on cryptocurrency exchanges and initial coin offerings.<\/p>\n

The recent commencement of digital yuan payments in China\u2019s Shanghai department stores, coupled with the rollout of ATMs in the Shenzen region, also align with China\u2019s goal to have 65% of its population in urban areas<\/a> by the end of the next five year period.<\/p>\n

The country\u2019s willingness to work with business enterprises in pursuit of this aim was evidenced recently when the China Merchants Port \u2014 the largest port operator in the country \u2014\u00a0partnered up with Alibaba to promote the integration of blockchain tech in the port industry.<\/p>\n

The five-year plan was criticized<\/a> in other areas, specifically for its lack of broader economic ambition, and a tendency to focus heavily on debt reduction. Contrasting with U.S. President Joe Biden\u2019s recent decision to issue another $1.9 trillion as part of a COVID-19 stimulus package, China recently axed plans to launch a $140 billion package for the same purpose.<\/p>\n

Technology spending is expected to contribute higher returns to China’s GDP in the coming years, with research and development spending slated to be increased 7% each year until the end of 2025.<\/p>\n