Blockchain Policy Layout: Five Major Cities Showcase Their Strengths

In the development process of the Blockchain industry in our country, the five cities of Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou have gradually formed a unique development pattern for Blockchain, leveraging their respective economic, talent, and technological advantages. Local governments have also introduced a series of policy plans to support the development of the Blockchain industry.

Beijing: Policy First, Strict Regulation

As the national political and economic center, Beijing has laid out its policies in the blockchain field relatively early. In February 2016, the Zhongguancun Blockchain Industry Alliance was established to provide platform and service support for blockchain startups. Subsequently, Beijing included blockchain in the category of financial technology, encouraging its application in areas such as green finance.

However, Beijing has very strict regulations on the blockchain industry, especially regarding cryptocurrencies. In August 2018, Beijing's Chaoyang District required that all commercial venues must not host any form of virtual currency promotion activities.

With its unique political and geographical advantages, Beijing is expected to achieve innovations in areas such as regulatory technology in the future. As the location of financial regulatory authorities, Beijing is likely to become an important center for Blockchain regulatory technology.

Shanghai: Keep up the pace, strive to catch up

Although Shanghai is one of the earliest blockchain hubs in the country, it started relatively late in terms of policy support. It wasn't until 2018 that Shanghai began to catch up in the blockchain field. In May, the Blockchain Industry Center was established; in June, the Shanghai Blockchain Technology Research Center was inaugurated, making it the first province-level government-affiliated blockchain technology research center in the country.

In September, a certain district issued 12 policy support measures, with unprecedented support intensity and scope, regarded as a new starting point for the development of Blockchain in Shanghai. Although the lack of early policies led to Shanghai falling behind in terms of blockchain entrepreneurial enterprises, patent applications, and other aspects, the Blockchain industry is still in its early stages, and Shanghai still has the opportunity to seize this transformative opportunity.

Guangzhou: Industry First, Policy Follow-up

Guangzhou is one of the cities in the country that has introduced the most blockchain-related policy plans. In July 2017, Guangzhou established the Blockchain Industry Association; in October, it established the Blockchain Innovation Base; and in December, it issued the first blockchain industry support policy, which is expected to increase annual financial investment by approximately 200 million yuan.

With policy support, Guangzhou now has more than 6,000 blockchain companies, ranking first in the country. In May of this year, a district issued implementation rules to put special blockchain policies into practice. In October, the district announced that it would introduce a new version of support policies, aiming to foster 3-5 blockchain unicorn companies.

Shenzhen: Showcasing Ambitions as a Financial Technology Hub

Shenzhen focuses mainly on the financial sector in terms of blockchain policy. From 2016 to 2018, multiple government departments in Shenzhen issued documents supporting the application of blockchain technology, laying a policy foundation for the development of inclusive finance, technological finance, and more.

Under the guidance of policies, Shenzhen is in a leading position in the application of Blockchain technology in financial scenarios such as cross-border payments and electronic invoices nationwide. Shenzhen has also launched financial innovation awards totaling over 25 million yuan and established a 500 million yuan Blockchain venture capital fund, demonstrating its ambition to develop financial technology.

Hangzhou: Policy Guidance, Application-Oriented

Thanks to the drive of internet companies like Alibaba, Hangzhou established a full industry chain layout in the early development of the Blockchain industry. The Hangzhou government paid attention to Blockchain earlier and adopted an open attitude. In April 2017, Hangzhou hosted the country's first government-sponsored Blockchain summit and launched the country's first Blockchain industrial park.

The Hangzhou policy emphasizes government guidance and application orientation, focusing on building advantages in industrial agglomeration. As of August 2018, Hangzhou has 55 blockchain technology service enterprises, and the industrial ecosystem is becoming increasingly mature.