The People’s Republic of China has been rushed into a unification of their efforts in order to help pushing the development of the blockchain technology as a part of the digital economy of the country by the deputy director of China’s Ministry of Industry and Information Technology.

Xin Guobin the deputy director of the Ministry had spoken on the 2018 National Expert Forum on Manufacturing Powerful Countries, about the very important role that blockchain is representing to the world and the needs to be viewed from a strategic standpoint stating:

“Blockchain can make up for the deficiencies of traditional credit system, prevent information tampering and forgery, and save costs across society. This applies to finance, e-commerce, smart medical care, social security, Internet of Things, energy and other fields, and will have an important impact.”

As holding the chair on the director position of the China’s National Leading Group for Manufacturing Power Construction, Guobin has also noted the path the country needs to take in order to develop blockchain on an industrial scale and push the adoption rate across all fields of the economy and the society.

Decentralised cryptos have been a hard point for the Chinese government policy makers and had a tremendous negative impact on their domestic crypto trading.

Few months ago the Chinese president Xi Jinping had publicly offered his support for blockchain and naming it as the new generation technology that will help the world innovate in a whole other level and changing the global economic structure.