Key Role of Blockchain in China’s Digital Economy
China has already banned the trading of cryptocurrencies but under President Jinping, blockchain will play a key role in the digital economy of the country. In the last year, a blockchain infrastructure network was launched in China. To support both consortium and public blockchains, the Blockchain-based Service Network (BSN) is designed as a global infrastructure. A major report stated that “just as with the internet, the BSN is also a cross-cloud, cross-portal, cross-framework global infrastructure network”. The Chinese Communist Party(CCP) believes that for future technological innovation, blockchain technology offers a foundational infrastructure. And by this, China would set the global standards in that arena.
Zero-Carbon Internet Industry in China
In recent decades, the internet industry of China has seen robust growth but the data centers are consuming energy at a faster pace. So, the tech firms of China have started to work on green solutions. Huawei and Tencent, the tech giants of China have been trying to build a zero-carbon internet industry. Huawei in February declared its solution for the zero-carbon network.
TPT Policy Advocacy & Recommendations
- To gain technological and economic leadership, the Chinese government played a critical role in tandem with the “private sector”. The other countries of the world to push itself towards technological leadership needs to study the mechanisms used by the Chinese government to emerge as the world’s technology leader.
- The growth of China has positioned it to overtake the U.S. The Chinese government must introduce more new and effective plans to win in the technology rivalry with the U.S.