China’s Ministry of Science and Technology has announced its strategic plan for developing Web3 technologies. This initiative aims to foster the growth of innovative business models, including Non-Fungible Tokens (NFTs), and accelerate the application of Web3 in various sectors. Despite China’s crypto ban, the government recognizes the significance of Web3 and plans to release a comprehensive strategy document outlining the industry’s path forward.
Key areas of focus: Government affairs and industry
China’s Web3 strategy centers around key areas, notably government affairs and industry. The Ministry of Science and Technology, in collaboration with the Chinese Academy of Sciences and the China Association for Science and Technology, aims to address crucial aspects such as inheritance, innovation, security, and government obligations. The strategy document will clarify these issues and guide the industry’s trajectory.
A notable aspect of China’s Web3 strategy is its emphasis on encouraging the development of new business models, particularly in NFTs and distributed applications (dApps). Despite the country’s ban on digital assets, the Ministry of Science and Technology acknowledges the growing interest in NFTs among Chinese citizens. The government places “great importance on developing the Web3 industry” and is keen on fostering a digital ecosystem.
Strengthening innovation and talent in the industry
The strategy goes beyond policy documents, with plans to strengthen interaction between relevant departments to promote Web3 innovation. The collaboration between the technology ministry and the Cyberspace Administration of China has already resulted in policy documents such as the “Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development” and the “Blockchain Information Service Management Regulations.” Additionally, there is a focus on deploying further research and enhancing talent within the Web3 industry.
The Ministry of Science and Technology’s response to Wu Jiezhuang, a member of the CPPCC National Committee, underscores the government’s commitment to advancing Web3 technologies. As various departments, including the Cyberspace Administration of China, the Propaganda Department of the Central Committee, and the Supreme People’s Court, engage in blockchain pilot actions, the relevance of Web3 extends across fields such as energy, rule of law, copyright, and trade finance.
In conclusion, China’s Web3 strategy signals a proactive approach toward technological innovation, with a particular focus on NFTs, dApps, and the overall development of a robust digital ecosystem. The government’s recognition of the importance of Web3, despite regulatory measures in other crypto-related areas, highlights a strategic vision for the future of the technology industry in China.
