China’s President Xi Jinping said that China should accelerate the development of blockchain technology and take a leading position in the emerging technology.

Political Bureau of the Central Committee of the Communist Party of China conducted the 18th collective study on the status and trend of blockchain technology development on the afternoon of October 24, as reported by Xinhua News Agency.

Xi Jinping, general secretary of the CPC Central Committee, emphasized that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation.

Chen Chun, a professor at Zhejiang University and an academician of the Chinese Academy of Engineering, explained the issue and discussed opinions and suggestions.

The members of the Political Bureau of the CPC Central Committee listened carefully to the explanations and discussed them.

China’s President Xi Jinping delivered a speech pointing out that the application of blockchain technology has extended to digital finance, Internet of Things, intelligent manufacturing, supply chain management, digital asset trading and other fields. At present, major countries in the world are accelerating the development of blockchain technology. China has a good foundation in the field of blockchain. It is necessary to accelerate the development of blockchain technology and industrial innovation and actively promote the development of blockchain and economic and social integration.

Xi Jinping pointed out that it is necessary to seize the opportunity of blockchain technology integration, function expansion and industry segmentation, and play the role of blockchain in promoting data sharing, optimizing business processes, reducing operating costs, improving synergy efficiency, and building a credible system.

Xi Jinping pointed out that relevant departments and their responsible leaders should pay attention to the status quo and trend of blockchain technology development, improve the application and management of blockchain technology capabilities, and enable blockchain technology to build a network power, develop digital economy, and promote economic and social development.

China has been exploring and developing it’s own national digital currency for at least 5 years and will be ready to launch it sooner or later.