China plans to upgrade its blockchain technology industry development standards by 2025, according to a draft of guidelines published by the Ministry of Industry and Information Technology. The government has asked for public opinions on blockchain development from various sectors of society, seeking clarification on the level of design for its blockchain and distributed ledger technology standards system by the end of this year.
This move aligns with the country’s “National Economic and Social Development and Vision 2035” 5-year plan, which specifies a 2025 deadline for technological developments such as blockchain. China is seeking to develop digital industries, improve the quality of communications equipment, core electronic components, and key software, and increase the strength of blockchain technology. China announced plans for a national blockchain research center in February 2023 to research core blockchain technologies and promote industry expansion.
Despite 84% of all global blockchain applications being filed in China, only 19% of these applications were approved, indicating significant growth potential for the country’s blockchain industry, which already has over 1,400 companies operating within it.