The Chinese government is expected to take a major step forward in promoting the development of the Web3 industry. The Ministry of Industry and Information Technology (MIIT) of China stated on the 19th that it attaches great importance to the development of the Web3.0 industry and will promote technological innovation and high-quality development of the Web3.0 industry. It will formulate a Web3.0 development strategy document that is in line with China’s national conditions and encourage the development of new business models such as NFTs and decentralized applications (DApps).
At the National People’s Congress of China in March this year, Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference and a member of the Hong Kong Legislative Council, put forward a proposal on promoting the development of the Web3 industry, providing suggestions on strengthening Web3.0 technology research and development, establishing standards, and cultivating talents in China.
In response to this proposal, the MIIT of China submitted a reply on the 19th, stating that it attaches great importance to the development of the Web3.0 industry and listed the work that has been carried out, including continuously optimizing the policy environment, deepening technological exploration, accelerating application cultivation, and steadily promoting standard development.
The MIIT pointed out that it has already launched a series of policies regarding blockchain, including promoting the release of China’s first national standard in the field of blockchain technology, “Blockchain and Distributed Ledger Technology Reference Architecture.” Relevant research institutions actively track international layout and development. China’s Web3.0 application scenarios cover industries such as industry, healthcare, education, and tourism, and internet companies have launched a large number of digital collectibles, metaverses, and other related products.
China will formulate a Web3.0 development strategy document. As the next step, the MIIT of China stated that it will strengthen collaborative interaction with related departments, promote technological innovation and high-quality development of the Web3.0 industry, and propose four major directions.
1. Improve top-level design: Strengthen research on Web3.0, formulate a Web3.0 development strategy document that is in line with China’s national conditions, clarify the development path, technological focus, and application models of Web3.0, and handle the relationship between inheritance and innovation, development and security, government and market, supply and demand. Focus on key areas such as government affairs and industry, encourage new business models such as NFTs and DApps, and accelerate the innovative application and digital ecological construction of Web3.0.
2. Strengthen technological research and regulation: Support enterprises, universities, and research institutions in conducting research on the Web3.0 technology system, achieve key breakthroughs in cross-chain, privacy computing, smart contracts, etc. Deploy research on blockchain security supervision and governance technologies, conduct research on convergence of consortium chain technologies and cross-chain mutual recognition, and explore the architecture of blockchain technology systems that balance the open characteristics of public chains and the easy-to-regulate characteristics of consortium chains. Increase support for the development of data security products, strengthen the management of network product security vulnerabilities, and enhance the network and data security protection capabilities during the development of Web3.0.
3. Carry out international exchanges and cooperation: Closely follow the cutting-edge dynamics of Web3.0 in various fields of international politics, industry, academia, and research. Encourage research institutes, universities, enterprises, etc., to participate in global standardization activities related to Web3.0, promote participation in and leading the formulation of international standards, factual standards, and international alliance standards related to Web3.0, and enhance China’s international discourse power and rule-making power. Accelerate the cultivation of compound talents and establish a high-level talent team.
4. Strengthen technical promotion and popularization: Establish and improve existing popular science platform resources, continuously improve the public’s understanding and awareness of Web3.0 technology through the dissemination of official new media platforms such as “Science Popularization China.” Promote pilot projects such as decentralized digital identity (DID), explore institutional and individual Web3.0 digital identity authentication and digital asset management systems, create data governance and transaction circulation mechanisms, and form typical demonstration projects that can be copied and promoted.
Wu Jiezhuang praised the Chinese government’s open attitude. In response to this, Wu Jiezhuang praised the positive, active, and open attitude of the central ministries and commissions of China towards promoting the application and technology of Web3.0. His personal views on the reply from the MIIT of China are as follows:
The national attitude towards Web3.0 technology is open and supportive, especially in the areas of physical application, underlying technology, and standardization development. The content mentioned NFTs, DApps, digital asset management systems, etc.
There is great potential for the development of Web3.0 in Hong Kong. The reply document stated that international exchanges and cooperation will be carried out, and Hong Kong, as an international financial center, can serve as a representative for the international development of Web3.0. It will strengthen cooperation and exchanges with international Web3.0 projects.
We need to strengthen the integration of Web3.0 technology with practical applications and promote its understanding among the public.
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