Xi stresses development, application of blockchain technology

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, has underscored the important role of blockchain technology in the new round of technological innovation and industrial transformation, urging more efforts to quicken development in the sector.

Chinese President Xi Jinping. [File Photo: Xinhua]

Xi made the remarks Thursday while presiding over a group study session of the CPC Central Committee Political Bureau on the development and trend of blockchain technology.

The application of blockchain technology has been extended to sectors including digital finance, Internet of Things, smart manufacturing, supply chain management and digital asset trading, and the world's major countries are stepping up efforts in planning blockchain technology development, Xi said.

Noting that China's blockchain sector has a sound foundation, Xi stressed expediting the development of blockchain technology and innovation-driven industrial development.

More efforts should be made to strengthen basic research and boost innovation capacity to help China gain an edge in theories, innovation and industries of the emerging field, according to Xi.

Coordinated key-task tackling should be advanced and breakthroughs in key technologies should be accelerated to provide safe and controllable technological support for blockchain development and its application, said Xi, stressing the importance of stepping up research on the standardization of blockchain to increase China's influence and rule-making power in the global arena.

He also demanded deep integration between blockchain and other information technologies including artificial intelligence, big data and Internet of Things.

Xi highlighted the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency and building a trusted system.

Efforts should be made to promote the deep integration of blockchain with the real economy, so as to solve problems such as difficulties of financing for small and medium-sized enterprises, risk management in banking and government agency supervision, Xi added.

Xi also stressed the application of blockchain in the innovation of digital economy, optimizing the business environment and advancing China's supply-side reform and high-quality development.

He underscored exploring the application of "blockchain plus" in people's livelihood and advancing the integration of underlying technology service of blockchain with the building of new type of smart cities.

He stressed that blockchain technology should be used to elevate the connectivity among cities regarding information, capital, talent and credit investigation to a larger scale.

Xi demanded the exploration of using the data-sharing model of blockchain to realize the trans-department and trans-regional maintenance and utilization of government services data.

He also highlighted enhancing research and analysis on the safety risks of blockchain.

It is essential for blockchain technology to play a bigger role in building China's strength in cyberspace, developing the digital economy and advancing the economic and social development, Xi said.