{"id":56992,"date":"2018-05-31T00:03:11","date_gmt":"2018-05-31T07:03:11","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=56992"},"modified":"2019-11-25T04:24:33","modified_gmt":"2019-11-25T04:24:33","slug":"chinese-president-states-blockchain-is-reshaping-the-global-economic-structure","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/chinese-president-states-blockchain-is-reshaping-the-global-economic-structure\/","title":{"rendered":"Chinese President States Blockchain Is &#8220;Reshaping the Global Economic Structure&#8221;"},"content":{"rendered":"<p>Chinese President Xi Jinping \u2014 the leader of the world\u2019s second-largest economy \u2014 has described blockchain as accelerating &#8220;application breakthroughs.&#8221;<\/p>\n<p><a href=\"http:\/\/www.xinhuanet.com\/politics\/2018-05\/28\/c_1122901308.htm\">Addressing<\/a> the annual Chinese Academy of Sciences conference on May 28, China\u2019s leader hailed blockchain technology as one that \u201cprofoundly affected the country\u2019s future and destiny.\u201d The President noted:<\/p>\n<blockquote><p>&#8220;Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure \u2026 with artificial intelligence, internet of things and blockchain constantly making application breakthroughs.&#8221;<\/p><\/blockquote>\n<p>Xi\u2019s comments confirmed China\u2019s burgeoning interest in the technology just months after his administration <a href=\"https:\/\/cryptoslate.com\/china-first-nation-to-rank-blockchains-ethereum-first-bitcoin-thirteenth\/\">ranked<\/a> 28 prominent blockchains:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">4\/ Detailed scores of the first crypto ratings by CCID Research, China&#39;s Ministry of Industry & Information Technology <a href=\"https:\/\/t.co\/7LiJIWokge\">pic.twitter.com\/7LiJIWokge<\/a><\/p>\n<p>&mdash; cnLedger [Not giving away ETH] (@cnLedger) <a href=\"https:\/\/twitter.com\/cnLedger\/status\/996950431459823616?ref_src=twsrc%5Etfw\">May 17, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>China\u2019s Great (Blockchain) Wall<\/h2>\n<p>China\u2019s stance on blockchain may be seen as somewhat ironic \u2014 appearing indifferent to the libertarian principles with which Bitcoin was founded.<\/p>\n<p>Although Xi\u2019s rhetoric may portray China as pro-blockchain, the nation still seems steadfast in applying its protectionist policy to the emerging sector. This sentiment is evident in the latter half of President Jinping\u2019s speech, alluding to the application of blockchain within the one-party state:<\/p>\n<blockquote><p>&#8220;To achieve the great goal of building a socialist modernized nation and realize the Chinese dream of a great rejuvenation of the Chinese nation, we must have strong scientific and technological strength and innovation capabilities.&#8221;<\/p><\/blockquote>\n<p>In 2017, China filed more blockchain-related <a href=\"https:\/\/www.ft.com\/content\/197db4c8-2e92-11e8-9b4b-bc4b9f08f381\">patents<\/a> than any other country. China\u2019s blockchain industry is becoming a &#8220;walled garden&#8221; \u2014 a government-led attempt to keep all economic benefits within borders.<\/p>\n<figure id=\"attachment_29622\" aria-describedby=\"caption-attachment-29622\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-29622\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/02\/china-crypto-ban-fb-300x158.jpg\" alt=\"Analyzing China\u2019s Ultimate Ban on All Crypto and ICO Websites\" width=\"300\" height=\"158\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/02\/china-crypto-ban-fb-300x158.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/02\/china-crypto-ban-fb-768x403.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/02\/china-crypto-ban-fb-1024x538.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/02\/china-crypto-ban-fb.jpg 1200w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-29622\" class=\"wp-caption-text\">Related Story:\u00a0<a title=\"Analyzing China\u2019s Ultimate Ban on All Crypto and ICO Websites\" href=\"https:\/\/cryptoslate.com\/analyzing-chinas-ultimate-ban-crypto-ico-websites\/\">Analyzing China\u2019s Ultimate Ban on All Crypto and ICO Websites<\/a><\/figcaption><\/figure>\n<p>Despite <a href=\"http:\/\/fortune.com\/2018\/01\/17\/china-bitcoin-cryptocurrency-crackdown\/\">banning<\/a> all domestic ICOs, cryptocurrency trading and access to\u00a0<a href=\"https:\/\/cryptoslate.com\/analyzing-chinas-ultimate-ban-crypto-ico-websites\/\">cryptocurrency-related websites<\/a>, the Chinese government has backed a whole host of Chinese blockchain projects \u2014 presumably those that can be held on a tight leash.<\/p>\n<p>In April 2018, nearly <a href=\"http:\/\/www.sohu.com\/a\/227696262_118792\">$4 billion yuan<\/a> ($623 million) of \u201cgovernment-guided\u201d funding was invested into the Hangzhou Blockchain Industrial Park \u2014 a contrived effort to establish a blockchain hub in the eastern metropolis.<\/p>\n<h2>Chinese Blockchains: Full Steam Ahead?<\/h2>\n<p>Many Chinese blockchains already climbed to the top 25 by market cap \u2014 namely <a href=\"http:\/\/cryptoslate.com\/coins\/qtum\">QTUM<\/a>, <a href=\"http:\/\/cryptoslate.com\/coins\/vechain\">VeChain<\/a>, and <a href=\"http:\/\/cryptoslate.com\/coins\/neo\">NEO<\/a>. The state's sponsorship of established and aspiring projects may position China as an international technological powerhouse.<\/p>\n<p>With a long track record of producing substitutes to meet its western counterparts \u2014 such as Baidu to Google or WeChat to WhatsApp \u2014 China now appears to be on a quest for innovation, and Xi may see blockchain as a golden ticket.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese President Xi Jinping \u2014 the leader of the world\u2019s second-largest economy \u2014 has described blockchain as accelerating &#8220;application breakthroughs.&#8221; Addressing the annual Chinese Academy of Sciences conference on May 28, China\u2019s leader hailed blockchain technology as one that \u201cprofoundly affected the country\u2019s future and destiny.\u201d The President noted: &#8220;Ever since the start of the [&hellip;]<\/p>\n","protected":false},"author":175,"featured_media":57096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,11,37],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese President States Blockchain Is &quot;Reshaping the Global Economic Structure&quot;<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/chinese-president-states-blockchain-is-reshaping-the-global-economic-structure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese President States Blockchain Is &quot;Reshaping the Global Economic Structure&quot;\" \/>\n<meta property=\"og:description\" content=\"Chinese President Xi Jinping \u2014 the leader of the world\u2019s second-largest economy \u2014 has described blockchain as accelerating &#8220;application breakthroughs.&#8221; Addressing the annual Chinese Academy of Sciences conference on May 28, China\u2019s leader hailed blockchain technology as one that \u201cprofoundly affected the country\u2019s future and destiny.\u201d The President noted: &#8220;Ever since the start of the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/chinese-president-states-blockchain-is-reshaping-the-global-economic-structure\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-31T07:03:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-25T04:24:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/china-blockchain-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Chinese President States Blockchain Is &quot;Reshaping the Global Economic Structure&quot;\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/china-blockchain-social.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/chinese-president-states-blockchain-is-reshaping-the-global-economic-structure\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/chinese-president-states-blockchain-is-reshaping-the-global-economic-structure\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#person\",\"name\":\"Jonnie Emsley\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley.jpg\",\"caption\":\"Jonnie Emsley\"},\"jobTitle\":\"Contributor\",\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. 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