Beijing want to transform into a global hub for blockchain innovation

China’s capital city has unveiled an ambitious plan to transform Beijing into a global hub for private blockchain innovation and leader in public DLT deployment. On July 1, the municipal government of Beijing has unveiled a 20-point plan to accelerate the development and deployment of distributed ledger technologies (DLT) and turn Beijing into both a global and national hub for blockchain tech. The plan seeks to “promote theoretical innovation, technological breakthroughs, [...] talent cultivation,” and “create new economic growth.”

Fostering a good business climate for blockchain innovation is cited as a top objective of Beijing, with “cultivating a group of unicorn enterprises” listed among the plan’s goals. To promote innovation, the city will establish a “blockchain industry innovation development base” spanning the city's top districts for financial and technological innovation.

Beijing also plans to promote the establishment of standards of practice for the blockchain sector. The city hopes to “cultivate a group of unicorn enterprises and leading enterprises with global influence” through its initiatives.