Recently, the Ministry of Industry and Information Technology ("MIIT") and the Office of the Central Cyberspace Affairs Commission jointly distributed the Guiding Opinions on Accelerating the Application of Blockchain Technology and the Development of Blockchain Industry (the "Opinions").

The Opinions envision that by 2025, the overall strength of China's blockchain industry will reach the top level in the world and the industry scale will begin to take shape; three to five backbone enterprises with international competitiveness and a group of innovation-leading enterprises will be cultivated, three to five blockchain industry development clusters will be built, and a standard system for blockchain will be initially established. By 2030, the overall strength of China's blockchain industry will keep on rising, and the industry scale will become much stronger. To this end, the Opinions propose five tasks, such as empowering the real economy, improving public services, and reinforcing the foundation of the industry. Among others, the Opinions call for advancing "blockchain + big data", accelerating the construction of a certification traceability big data service platform based on blockchain, promoting the lawful and orderly registration, sharing and flow of data, and fully unleashing the value of data resources.

(Source: Ministry of Industry and Information Technology)