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Blockchain Is Part Of China’s Master Plan for New Competitor Island to Hong Kong

Chinese authorities have launched a grasp plan for turning southern island province Hainan right into a free commerce port, Xinhua information experiences on June 1. A commerce port system will concentrate on facilitating free commerce, funding and cross-border capital flows in the entire island.

Government establishments reform

The grasp plan encourages authorities establishments to make use of blockchain and different applied sciences to reform authorities operate. Authorities hope the brand new fashionable applied sciences will assist construct a complete, scientific, standardized and efficient free commerce port governance system. They added that: 

“We should give full play to the role of modern information technology, such as big data and blockchain, standardize government service standards through government service platforms, realize government process reengineering and government service, and strengthen orderly sharing of data and improve government service and governance level.” 

China says it’s dedicated to strengthening the appliance of blockchain expertise in mental property transactions, certifications and different elements, and exploring new fashions appropriate for the event of free commerce ports. 

Hainan vs. Hong Kong

The resolution to develop the complete island of Hainan right into a pilot free commerce zone was introduced by Chinese President Xi Jinping throughout a go to to the island in April 2019.

Earlier final yr, China’s richest man Jack Ma remarked on the Business Leaders’ Advisory Council that Hainan should goal to “overtake Hong Kong” by turning into a significant participant in digital-age worldwide commerce. The council was created to advise the federal government on its plan to speed up Hainan’s opening up and the event of the Hainan Pilot Free Trade Zone, in accordance with the South China Morning Post.

The Hainan free commerce port will likely be “basically established” by 2025 and develop into “more mature” by 2035, says the plan collectively issued by the Central Committee of the Communist Party of China and the State Council.

As Cointelegraph reported beforehand, a particular fund of about $142 million was set as much as finance blockchain corporations in Hainan on the finish of final yr.

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