It appears that the Chinese government has officially decided to take a more proactive stance with regards to the development of blockchain technology within the country.
In May, the government announced that it’s beginning to work on blockchain standards and that it intends to introduce them by 2019. Shortly after, the Ministry of Industry and Information unveiled a whitepaper which revealed that the country is placing definitive focus on the development of blockchain technologies. The document also revealed that China is the world’s leader in terms of blockchain patents filed. The country’s president Xi Jinping also said that blockchain will be part of the “new industrial revolution.”
In an attempt to strengthen the token economy as well as public blockchain projects in the country, Nanjing City has launched a 10 billion yuan ($1.5 billion) investment fund. The capital of Jiangsu Province joined the initiative together with Zhongguancun Blockchain Industry Alliance.
The Alliance represents a conglomerate of blockchain companies as well as government research institutes based in Beijing.
The announcement was made during the Industrial Public Chain Summit which was attended by high-ranking officials, including the deputy secretary of the Communist Party of China, Luo Qun.
The purpose of the initiative is to incentivise the development of new blockchain-based technologies in different, cross-border platforms enhancing industries like energy, healthcare, intellectual property, environmental protection, and so forth.
This is not the first major blockchain investment fund to attract official governmental involvement. In April, the city of Hangzhou announced another $1.6 billion fund designated for companies occupying the blockchain field.
Full story : https://bitcoinist.com/chinas-nanjing-city-launches-10-billion-yuan-1-5-billion-blockchain-investment-fund/