By 2025, the Chinese government hopes to have upgraded its industry development requirements and has been aggressively pushing blockchain sector developments.

Despite China's stance against cryptocurrencies, Chinese policymakers have been actively promoting the fintech industry, with a significant focus on blockchain technology.

The Chinese fintech industry's watchdog, the Ministry of Industry and Information Technology, announced on March 28 that it plans to raise the bar for blockchain technology development by 2025.

The data originates from a draft of the ministry's guidelines that was made available on its website. It also requests feedback on blockchain development from people in "all walks of life."

By the end of this year, China intends to provide clarification on the design level of its blockchain and distributed ledger technology standards system. The public will have until April 28 to provide additional feedback on the draft.

China's 5-year plan for "National Economic and Social Development and Vision 2035 of the People's Republic of China" is in accordance with this progress. The plan established a deadline of 2025 for specific technological advancements.

Blockchain is stated as a goal to "grow stronger, and the quality of such industries as communications equipment, core electronic components, and key software will be improved" in the context of digital industries, one of these advances.

China revealed plans to establish a new national blockchain research center in February. Through connecting Chinese institutions, developers, and blockchain companies, the center hopes to advance industry expansion by doing research on fundamental blockchain technology.

According to the Chinese government, 84% of all blockchain applications filed globally are registered in their country as of September 2022. Only 19% of all applications submitted, it was discovered, were approved.

However, there is activity in the Chinese blockchain market. A national white paper states that there are more than 1,400 blockchain-related businesses in China.