China’s determination to stay one step ahead in using blockchain technology was again demonstrated this week following the release of the country’s latest five-year development plan.
The word “blockchain” was reportedly first mentioned in China’s 14th five-year regular plans, which set out the country’s economic priorities for the period from 2021 to 2025, according to local Pingwest news agency.
China’s research into new technologies has been incessant in recent years. From the ongoing rollout of a digital central bank currency to the use of digital biometric hardware wallets for the digital yuan, China is already considered a leader in issuing national currencies.
All of this despite a general distrust of decentralized open source cryptocurrencies in China, as evidenced by the country’s bans on the exchange of cryptocurrencies and the first coin offers.
The recent start of digital yuan payments in China’s Shanghai department stores and the rollout of ATMs in the Shenzen area are also in line with China’s goal of 65% of the population in urban areas by the end of the next five-year period.
The country’s willingness to work with businesses to achieve this goal was recently demonstrated when China Merchants Port – the country’s largest port operator – partnered with Alibaba to promote the integration of blockchain technology into the port industry.
The five-year plan has been criticized in other areas, particularly for its lack of broader economic ambition and a tendency to focus heavily on deleveraging. In contrast to the recent decision by U.S. President Joe Biden to spend an additional $ 1.9 trillion under a COVID-19 stimulus package, China recently has plans to launch a $ 140 billion package for the same purpose painted.
Technology spending is expected to add higher returns to China’s GDP in the coming years. Research and development spending is expected to increase by 7% each year until the end of 2025.