Blockchain Gets First Mention in China's 5-Year Policy Plan

China’s 14th five-year plan outlines the country’s economic priorities and stressed that technology will play an increasingly important large role.

AccessTimeIconMar 12, 2021 at 1:43 p.m. UTC
Updated Sep 14, 2021 at 12:25 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Blockchain technology was mentioned for the first time ever in a draft of China’s national five-year policy plan, the final version of which was approved by lawmakers and advisers at the end of an annual political meeting on Thursday in Beijing.

  • The technology that underpins bitcoin and other cryptocurrency was mentioned for the first time in the lengthy document that lays out China’s goals to work toward in the next half-decade, reports the South China Morning Post (SCMP).
  • China’s 14th five-year plan outlines the country’s economic priorities and stressed that technology will play an increasingly important large role in the country’s top-down planning.
  • Although China has banned the trading of cryptocurrencies, blockchain will play a key role in the country’s digital economy under President Xi Jinping, the SCMP reported.
  • The digital economy is expected to contribute to the country’s GDP and “transform China into a global leader” through the use of artificial intelligence, big data, cloud computing, and blockchain, according to the draft.
  • The final version of the plan has yet to be made public.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.