China’s Ministry of Industry and Information Technology has published a document outlining its current and future work in developing Web3 and related technologies, including non-fungible tokens (NFTs) and decentralized applications (dapps).
The document is a response to a proposal made by Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference.
The ministry studied Wu’s “proposal to promote the development of the Web 3 industry” with the Chinese Academy of Sciences and the China Science and Technology Association.
They concluded that Wu’s proposals are in line with the ministry’s direction, as the latter “attaches great importance” to the development of the Web 3 industry.
According to the answer,
“Your suggestions on strengthening resource support for Web3.0 technology research and development, strengthening technical supervision and management, encouraging international cooperation, and strengthening publicity and promotion are forward-looking and strategic, and are highly consistent with the key tasks of our ministry.”
In particular, the ministry recognized the advantages China has in developing Web3, including a suitable industrial base and broad development space.
Promoting NFTs and the metaverse
The response explained many of the measures the state has already taken to support the industry. Notably, this comes despite the 2021 comprehensive cryptocurrency ban.
First of all, the Ministry and Administration of Cyberspace of China issued a series of policies, including Guiding Opinions on Accelerating Blockchain Technology Application and Industrial Development.
In addition, the National Standardization Committee worked with the Ministry to establish the National Technical Committee for the Standardization of Blockchain Technology and Distributed Ledger Technology to provide an environment for blockchain-based Web3 development.
Subsequently, research institutions continue to explore Web3-related technologies. This includes the metaverse and NFTs.
In addition, the Ministry supports the establishment of several data institutions, such as the Beijing International Big Data Exchange and the Shanghai Data Exchange. These provide a “testing ground” for applications.
“The Cyberspace Administration of China, together with the Propaganda Department of the Central Committee, the Supreme People’s Court, and other departments, organized and carried out national blockchain innovative application pilot actions, forming typical cases and experiences that can be replicated and promoted in 16 fields such as energy, law, copyright, and finance.”
Finally, the country has established working groups with international organizations to cooperate in developing national and international standards.
Four future steps
In response to Wu’s suggestions, the ministry said it will strengthen cooperation with relevant departments to promote Web3 innovation and “high-quality industrial development.”
He outlined his four steps in this direction.
First: improve Web3 research, formulate development strategy, and clarify the application model.
going to:
“Focus on key areas such as government affairs and industry, encourage the development of new business models such as NFT and distributed applications (DApp), and accelerate the innovative application of Web3.0 and the construction of a digital ecosystem.”
Second: Strengthening research and technical supervision. The goal is to support companies, universities and research institutions to achieve breakthroughs in key fundamental technologies in the field of cross-computing, privacy computing, smart contracts, etc.
Third: Conducting international exchanges and cooperation. The Ministry and relevant actors will “closely follow” the latest trends on Web3 from international political, industrial, academic and research circles.
Fourth: Increase advertising and promotion. The Ministry will work to improve public understanding of Web3. It will encourage pilot trials of applications such as distributed digital identity (DID), demonstration project models, and build a platform for technology exchange and industrial applications, among other projects.