President Xi Jinping attended an academic conference hosted by the Chinese Academy of Sciences. President Xi was speaking on the importance of technology in transforming the world.
He explicitly named Blockchain alongside Artificial Intelligence and Internet of things as the most influential in reshaping the global economic structure. He was focusing on the constant application breakthroughs that have happened in the field of Blockchain and Artificial intelligence.
“Ever since the start of the 21st century, a new generation of the industrial revolution is substantially reshaping the global economic structure … with artificial intelligence, internet of things and Blockchain constantly making application breakthroughs,” President Xi noted.
The Chinese government clamped down on the crypto trade last year. The logic was the crypto market was moving the Chinese capital from the Chinese markets to international markets.
However, the Chinese government’s love of blockchain technology is puzzling from the start. Chinese Telecom ministry has started a report to rank the Blockchains.
The government has directed on May 26th all its regional research centers to focus their resources on the further development of the Blockchain applicability.
It was reported that Alibaba’s Jack Ma has teamed up with Tencent’s Pony Ma Huateng to use Blockchains to utilize the healthcare records, financial payments and other information for 100 hospitals.
Jack Ma has already expressed his fondness for Blockchain technology earlier. He said that Blockchain is something he is working on since 2014 and is assured of its revolutionary potential. He was not so sure about the Bitcoin and crypto market.
Chinese government favorable stance towards blockchain project demonstrate the worldwide success of Chinese Blockchain startups.
Chinese startups such as Qtum and VeChain achieved global focus because of the backing by the Chinese government.
The technological governance is one space where Chinese government and President Xi especially wants to make difference. The China 2025 Whitepaper already has outlined its ambitions to be the foremost technological superpower of the globe.
They have already demonstrated their leadership in blockchain and Artificial intelligence scenes.
The Chinese government has a long-lasting policy of developing its own companies by denying the global tech giants its market. This time it wants to beat them at their own game.
And the Politburo’s push in the tech landscape is no exception. President Xi is the most powerful global leader. The retreat for American hegemony has already amplified the Chinese presence on the world stage. Chinese bid for technological superiority will have long-term ramifications for the global order.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.