CPC Central Committee and State Council Issue Opinions on Building a National Blockchain Network to Promote Deep Integration of Digital and Real Economies

According to Xinhua News Agency on October 10, the Central Committee of the Communist Party of China and the State Council recently issued opinions on developing new quality productive forces. The opinions explicitly state that efforts should be made to promote the deep integration of the real economy and the digital economy, and to build a national integrated computing power network and a national blockchain network.

The opinions point out that systems must be improved for the certification of data property rights attribution, market trading, benefit allocation, and interest protection, pilot demonstration projects related to data elements should be implemented, and the layout, construction, and operation of national data infrastructure should be optimized. Meanwhile, the document requires improving an open, shared, and secure data element market, exploring the establishment of a mechanism for the efficient cross-border flow of data, refining the policy system to promote digital industrialization and the digital transformation of industries, and building digital industry clusters with international competitiveness. Furthermore, the opinions emphasize establishing a mechanism to increase investment in future industries and share risks, expanding long-term capital invested in cutting-edge hard tech.