People Capital, the venture capital part of the official newspaper of the Chinese communist party, People’s online daily. An agreement has been signed with Xunlei Limited to use the blockchain technology for innovation and to empower the Chinese economy and the world at large.

The news was released on Tuesday, the 23rd of October and stated that People Capital and Xunlei has agreed on a strategic partnership on blockchain laboratory. The alliance between the companies is part of a global partnership agreement signed earlier this year at the China-US Entrepreneur and Investment Summit, hosted by People’s Daily Online in the United States.

People’s Daily Online is the online version of China’s largest newspaper, The People’s Daily, which the Communist Party distributes its unfiltered views on the different news. People’s Daily Online is a large-scale information exchange platform with news at its core, constructed by China’s largest newspaper People’s Daily. In 2012, People’s Daily Online went public on the Shanghai Stock Exchange, becoming China’s first news website listed on the A-share market.

Xunlei, know as “BitTorrent of China,” on the other hand, is one of the leading blockchain infrastructure and service providers globally. One thing Xunlei’s cloud computing and blockchain subsidiary has developed is the underlying blockchain services ThunderChain Open Platform. The platform can process over 1 million transactions per second and is embedded with strong scalability and stability, as well as Thunder Chain File System (TCFS), which is a decentralised file storage and transmission system for blockchain applications.

Under the partnership, People Capital and Xunlei will establish a technology innovation laboratory as part of People Capital’s Blockchain Research Institute. Both entities will work together to explore blockchain as a foundational technology across various business scenarios. Furthermore, a high-level industrial service platform will be built up to organise offline activities, such as workshops, industry seminars and application competitions, to facilitate information sharing, promote innovation and identify potential start-up companies in the blockchain sector. According to People’s Daily Online, the Blockchain Research Institute serves as a research platform on blockchain technology. Leveraging respective strengths, People Capital and Xunlei will work closely in boosting blockchain innovation, adoption and promotion.

China is getting more involved in the blockchain and cryptocurrencies, and a few days ago, China’s internet information office released a draft on regulations for blockchain startups. China’s top-level internet censorship agency has created a draft where they state their plans to regulate blockchain-related service providers in the country. The cyberspace Administration of China (CAC) released the draft on Friday and is now looking for the public’s feedback before making final statements.

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