The Chinese government has recently unveiled ambitious plans to foster innovation and integration of web3 technologies such as non-fungible tokens (NFTs) and decentralized applications (dApps) through the creation of a national framework. This strategic embrace of certain blockchain-enabled innovations indicates China’s aspirations to become a major player within the burgeoning web3 space.
According to a statement issued by China’s Ministry of Industry and Information Technology (MIIT), the proposed framework will focus on encouraging new web3-based business models and accelerating innovative digital ecosystem growth, especially in key sectors like government affairs and industry applications. To support this web3 development strategy, MIIT has partnered with agencies like the Cyberspace Administration of China to formulate accommodative policies, guidelines, and committees intended to nurture a thriving environment for web3 advancement.
The national web3 framework outlines four vital areas of concentration: conducting research tailored specifically to China’s unique conditions, mapping out developmental trajectories, tackling pressing issues of innovation and legacy systems, as well as bolstering technical oversight, international collaboration, and visibility. Through this multi-pronged and targeted approach, China aims to cement its position as a major innovative force within the rapidly evolving landscape of web3 technologies.
In parallel to the web3 integration plans, China is also pioneering initiatives like the RealDID digital identification system to balance user privacy with mandatory real-name verification, serving the growing needs of its vast digital economy. The selective adoption of cutting-edge blockchain solutions combined with digital ID efforts underscores China’s ambitions to lead the new wave of technological transformation.
