China’s willingness to stay ahead of the curve when it comes to blockchain technology was demonstrated again this week after the country’s latest five-year development plan was launched.
According to local news agency Pingwest, the word “blockchain” was first mentioned in China’s 14th Regular Five-Year Plan, which outlines the country’s economic priorities for the period 2021-2025.
In recent years, China has not stopped searching for new technologies. From the current plan to introduce a central bank digital currency to the use of biometric digital device wallets for the digital yuan, China is already one of the pioneers in issuing the national currency.
And all this despite the general distrust of open-source decentralized cryptocurrencies in China, as evidenced by the state’s ban on cryptocurrency exchanges and initial coin offerings.
The recent launch of electronic RMB payments at a Chinese store in Shanghai, along with the deployment of ATMs in the Shenzhen region, is also in line with China’s goal of reaching 65% of its urban population by the end of the next five years. interval.
The country’s willingness to work with companies to achieve this goal was demonstrated recently when China Merchants Port – the country’s largest port operator – partnered with Alibaba to facilitate the integration of blockchain technology into the port industry.
The five-year plan has been criticized in other areas, in particular because of its lack of broader fiscal ambitions and a tendency to focus heavily on debt reduction. In contrast to US President Joe Biden’s recent decision to provide an additional $ 1.9 trillion as part of the COVID-19 stimulus package, China recently adopted plans to launch a $ 140 billion package for the same goal.
Technology consumption is expected to help boost the return on China’s GDP in the coming years, with spending on research and development expected to increase by 7% annually through the end of 2025.