China's authorities are being asked to keep up with the rapid pace of digitization by enhancing the blockchain technology infrastructure.

With a number of advantages for the regional economy in mind, Dong Jin, a prominent member of the National People's Congress (NPC), urged the Chinese government to support blockchain development.

Jin made these remarks during China's Two Sessions event, which is an annual plenary assembly of the ruling party attended by the country's business and political elite. Along with developing technology, the topics of debate during the Two Sessions event will cover geopolitics, security, and economics.

Jin suggests creating a nationwide blockchain network to enhance businesses' capacity to share data. He contends that the blockchain network will help government organisations maintain transparent data-sharing lines without the difficulties of red tape, in addition to aiding private firms.

The government services, transportation, shipping, financial, and supply chain industries will all benefit greatly from the proposed national blockchain network.

China's digital economy has expanded recently in accordance with the long-term goals of the Chinese Communist Party (CCP), but a number of problems still impede its potential.

Jin notes that major participants in the business have been producing "high-value data" as a result of the expansion of the digital economy. Jin claims that due to cybersecurity threats and industry competition, the data are stored in "isolated islands" and "icebergs" rather than being a common resource.

Jin is in favour of a central blockchain system that would serve as a "cornerstone of trust" for organisations looking to share data by utilising the immutability and transparency features of the blockchain in order to increase interoperability.

In order to “achieve interconnection with countries,” particularly in trade and banking, Jin intends to launch the blockchain network in China before expanding it throughout the world. China and the other members of the BRICS are currently considering the possibility of implementing a blockchain-based settlement system in order to lessen their reliance on the US dollar in international trade.

A perspective on its country

China launched a blockchain centre in the middle of 2023 as part of its ongoing efforts to standardise the usage of blockchain technology. The Beijing-based centre aims to train 500,000 experts in the upcoming years in an effort to broaden the talent pool in the nation.

"The centre aims to develop over 500,000 skilled blockchain professionals in my nation by collaborating with leading universities, research centres, and business executives. This will enable them to meet the rapidly evolving demands of emerging digital economies, like Web 3.0," stated Jin in a statement released in 2023.

Prior to the center's official opening, Chinese officials declared that they would be experimenting with blockchain-based digital identity systems and would be holding a national public consultation to create blockchain standards by the end of 2025.