China Blockchain Policy Survey (2019)

Text: Zhao Yue, Zhao Sheng

Source: 01 Blockchain

 

Summary

According to incomplete statistics of the Zero One Think Tank, as of December 2019, more than 40 blockchain-related guidance policies have been issued at the national level. Among them, the State Council has issued 13 blockchain-related guidance policies, and 6 of them have been issued in 2019.

National-level blockchain-related policies began with the supervision of cryptocurrencies such as Bitcoin. At present, China has basically formed a preliminary regulatory framework for blockchains and is actively promoting the establishment of blockchain technology standards. Trade and industrial Internet have become national Application areas of blockchain technology encouraged by the policy.

According to incomplete statistics from Zero One Think Tank, as of December 2019, a total of 32 provinces / municipalities / autonomous regions / special administrative regions across the country have promulgated policy documents related to blockchain. Among them, Beijing, Guangzhou, Zhejiang and Guizhou have issued the most blockchain policies. Hong Kong is a "pilot zone" for blockchain and virtual currency regulation.

From the perspective of blockchain policies at the local level, "blockchain" has the highest correlation with "digital economy", "big data", "artificial intelligence", "supply chain", etc., and "blockchain +" has become a number of regions Key support areas.

After the 1024 speech, the speculation of virtual currency has risen, and some financial activities involving fraud, illegal fundraising, and illegal securities issuance have shown signs of resurgence. The virtual currency industry has become the focus of government supervision in various places.

Lead

At present, major countries in the world are accelerating the layout of blockchains, and blockchains have also received close attention from government departments in various countries.

Blockchain is the underlying technology of bitcoin. Blockchain-related policies issued by the Chinese government began with the regulation of virtual currencies such as bitcoin. In 2013, with the rise in the price of bitcoin, virtual currencies such as bitcoin ushered in a global investment climax, and some institutions and individuals in China began to take the opportunity to speculate on bitcoin and bitcoin-related products. In December 2013, the five central ministries and commissions jointly issued the "Notice on Preventing Bitcoin Risk." In October 2016, the Ministry of Industry and Information Technology first proposed a standard roadmap for the development of China's blockchain technology. In December of the same year, the blockchain technology was included in the "Thirteenth Five-Year" National Informationization Plan.

In addition to relevant national-level regulatory and support policies, local governments are also actively promulgating related policies. According to incomplete statistics from Zero One Think Tank, as of December 2019, 32 local governments across the country have issued blockchain-related policies. Since the beginning of this month, dozens of provincial Party committee secretaries have mentioned "blockchain" in public speeches.

On October 24, 2019, the Political Bureau of the Central Committee of the Communist Party of China conducted the eighteenth collective study on the current status and trends of the development of blockchain technology. The speech of General Secretary Xi Jinping on blockchain technology has brought a boost to the blockchain industry. "spring breeze". Various local governments have issued more frequent learning and policies related to blockchain.

Policy orientation provides the direction for industry development. In order to observe the latest development trends of the industry and understand the national and regional blockchain-related policies, Zero One Think Tank has conducted incomplete statistics and collation of blockchain-related policies before December 2019 at the national and local levels. Provide reference and guidance for the industry.

I. General Survey of Blockchain Policy at the National Level

According to incomplete statistics of the Zero One Think Tank, as of early December 2019, more than 40 blockchain-related guidelines were issued at the national level. Among them, the State Council and the General Office of the State Council issued 13 blockchain-related guidelines. In 2019, Blockchain technology support has been continuously strengthened. The State Council has issued 6 Blockchain-related guidelines and policies, covering food safety, digital currency, trade, government management, and transportation.

(I) Virtual currency supervision comes first, and blockchain technology encourages later

In 2008, Satoshi Nakamoto published "Bitcoin: A Peer-to-Peer Electronic Cash System". Since then, the blockchain technology, which is the underlying technology of Bitcoin, has been continuously paid attention to, but the public's early perception of the blockchain has mainly remained Bitcoin. Since October 2013, the price of bitcoin has risen rapidly, setting off a wave of investment in virtual currencies.

On December 5, 2013, the People's Bank of China and other five ministries and commissions issued the "Notice on Preventing Bitcoin Risk" (hereinafter referred to as the "Notice"). The "Notice" clarifies the nature of Bitcoin, regards Bitcoin as a specific virtual commodity, does not have the legal status equivalent to currency, and cannot and should not be used as currency in the market. It also requires financial institutions and payment Institutions must not conduct Bitcoin-related businesses.

After three years, policies related to blockchain technology were introduced. On October 18, 2016, the Ministry of Industry and Information Technology released the "China Blockchain Technology and Application Development White Paper (2016)", which summarizes the current status and trends of blockchain development, analyzes core key technologies and typical application scenarios, and proposes China's block Chain technology development roadmap and standardization roadmap. On December 17, 2016, the State Council issued the "Thirteenth Five-Year Plan" National Informatization Plan, which proposed to strengthen the research and development and cutting-edge layout of technological foundations such as blockchain, and to include blockchain technology in the level of national information planning.

(2) The preliminary regulatory framework of the blockchain is basically formed

Judging from a series of blockchain-related regulatory policies promulgated by the state, the preliminary regulatory framework for blockchain in China has basically formed. Virtual currency, ICO and other activities are mainly supervised by the People's Bank of China, the Office of the Leading Group for Internet Financial Risk Remediation Work and the China Internet Finance Association; the development of blockchain technology standards is led by the Ministry of Industry and Information Technology; the registration and management of blockchain information services The letter office is responsible.

Figure 1 China's blockchain regulatory framework

Source: Zero One Think Tank

(3) The construction of technical standards is continuously promoted, and technological integration is encouraged

Blockchain technology has a clear technical geek color in the development process. Some mainstream blockchain technology solutions have their own technical routes and characteristics. Blockchain technology is used in infrastructure design, smart contract implementation, data privacy management, and systems. There is a lack of uniform standards in terms of deployment. Which institutions have really applied blockchain technology and which are borrowed from blockchain technology for hype, lack of a unified judgment standard, which has largely restricted the development and application of blockchain technology. In addition, the development of unified technical standards will also help to strengthen the right to speak on the international standards of the blockchain.

As the lead department for the development of blockchain technology standards, in 2016, the Ministry of Industry and Information Technology released the "China Blockchain Technology and Application Development White Paper (2016)", which defines blockchain as distributed data storage, point-to-point transmission, consensus mechanism, and encryption. New application models of computer technology such as algorithms. On May 17, 2017, the Ministry of Industry and Information Technology released the "Blockchain Reference Architecture", which elaborated the main participants and core functional components of the blockchain through the elaboration of the user view and functional view of the blockchain. The system description The blockchain ecosystem. On December 12, 2017, the Ministry of Industry and Information Technology issued the "Blockchain Data Format Specification", which stipulates the data structure, data classification and their interrelationships, and data element data format requirements related to blockchain technology. Data reference provided. At present, the "China Blockchain Technology and Application Development White Paper", "Blockchain Reference Architecture" and "Blockchain Data Format Specification" have all contributed to international standards as standardized documents.

In addition, the Ministry of Industry and Information Technology is also actively promoting the construction of the National Blockchain and Distributed Accounting Standardization Committee.

On March 23, 2018, the Ministry of Industry and Information Technology issued the “ Key Points of Standardization Work in the Information and Software Services Industry in 2018 '', which for the first time proposed to promote the establishment of the National Blockchain and Distributed Accounting Standardization Committee; on November 4, 2019, the Ministry of Industry and Information Technology The 2018 Essentials of Standardization in the Informatization and Software Services Industry proposes that it will promote the establishment of the National Blockchain and Distributed Accounting Technical Standardization Committee, systematically promote the development of standards, accelerate the formulation of key urgently needed standards, build a standard system, and actively connect with ISO, International organizations such as the ITU actively participate in international standardization.

In addition to the establishment of blockchain technology standards, the integration of blockchain technology with big data, cloud computing, artificial intelligence and other technologies to solve industry problems has also become the country's key encouragement direction.

In terms of discipline construction, on January 20, 2017, the General Office of the State Council issued the "Opinions on Innovative Management and Optimized Services to Foster and Strengthen New Kinetic Energy for Economic Development and Accelerate the Continuous Transformation of New Kinds of Old Kinetic Energy", and proposed to innovate institutional mechanisms and breakthroughs in institutions and discipline management Restrictions on the construction of several industrial innovation centers and innovation networks in the cross-integrated fields of artificial intelligence, blockchain, energy internet, intelligent manufacturing, big data applications, genetic engineering, and digital creativity.

Integrating blockchain with artificial intelligence can enhance some application capabilities of artificial intelligence, and blockchain technology can help artificial intelligence solve data security issues. On July 20, 2017, the State Council issued the "New Generation Artificial Intelligence Development Plan", which states that the promotion of the integration of blockchain technology and artificial intelligence, the establishment of a new social credit system, and the minimization of interpersonal communication costs and risks.

In addition, on October 25, 2019, during the eighteen collective learning sessions of the Political Bureau of the CPC Central Committee, General Secretary Xi Jinping also emphasized the construction of a blockchain industry ecology and accelerated the development of advanced information technologies such as blockchain and artificial intelligence, big data, and the Internet of Things. Deep integration to promote integrated innovation and applications.

(IV) Trade and Industrial Internet become key application areas of blockchain technology

At present, cross-border trade financing, settlement and logistics still have problems of low efficiency and lack of trust. The application of blockchain technology can better solve these problems. The application of blockchain technology to the field of trade is also the country's key encouragement direction. According to incomplete statistics of the Zero One Think Tank, as of December 2019, the State Council has issued three policy opinions related to "Blockchain + Trade", and "Blockchain + Trade" has become the area where the State Council has issued the most policies.

In the Guangdong Free Trade Zone reform plan, the State Council proposed to increase the research and application of blockchain technology; in the Hebei Free Trade Zone overall plan, it was proposed to establish a digital business development demonstration zone. On November 28, 2019, in the "Guiding Opinions on Promoting the High-quality Development of Trade", it was proposed to promote the organic integration of the Internet, the Internet of Things, big data, artificial intelligence, blockchain and trade, and accelerate the cultivation of new momentum.

Blockchain technology has also been actively implemented in the field of trade. Initiated by the central bank, the People ’s Bank of China ’s trade financing blockchain platform, which was constructed and operated by the Digital Currency Research Institute and the People ’s Bank of China Shenzhen Branch, was officially launched on September 4, 2018; on November 6, 2019, ICBC announced the use of The "smart trading platform" independently developed by the blockchain technology and applied in the field of trade financing was officially launched; on November 7, 2019, Shanghai Customs, Shanghai Hongqiao Business District Management Committee, Shanghai Commercial Commission and other units launched a jointly created Single window of international trade based on blockchain technology.

In order to promote the development of the active "Internet + advanced manufacturing", the application of blockchain technology to the Industrial Internet is also supported by policies. Chen Chun, an academician of the Chinese Academy of Engineering of China, said that the most important application space of future blockchain technology in China is industrial manufacturing and other fields.

On November 27, 2017, the State Council issued the "Guiding Opinions on Deepening the" Internet + Advanced Manufacturing "Development of the Industrial Internet", stating that it is necessary to promote the research and exploration of the application of emerging cutting-edge technologies such as blockchain in the Industrial Internet. After that, the Ministry of Industry and Information Technology issued the Industrial Internet Development Action Plan (2018-2020) and Industrial Big Data Development Guidance (Draft for Solicitation of Comments) in 2018 and 2019, respectively, both of which proposed to enhance the development and application of blockchain technology. .

General Survey of Blockchain Policies in Provinces and Cities

According to incomplete statistics from Zero One Think Tank, as of December 2019, a total of 32 provinces / municipalities / autonomous regions / special administrative regions across the country have promulgated policy documents related to blockchain. Especially after the 1024 speech, blockchain-related policies were issued more frequently and policy guidance was more direct.

(1) The Northeast, Guangzhou, Zhejiang and Guizhou have issued the most blockchain policies

Similar to the distribution of China's blockchain enterprises and investment and financing, the Beijing, Guangzhou, Zhejiang, and Guizhou have also become the regions with the largest number of China's blockchain industry policies. Among them, Beijing, Guangdong and Zhejiang have become the main positions of China's blockchain. In addition to the large number of blockchain policies issued in these regions, the time of their introduction is relatively early. Basically, policies related to blockchain have been introduced successively around 2016-2017.

Other regions are lacking in the number and timing of blockchain policy releases. But after the 1024 speech, various regions began to intensively release blockchain policies. According to incomplete statistics, at least 16 provinces across the country launched blockchain-related policies in November 2019.

(2) The highest degree of relevance to "digital economy", "big data", "artificial intelligence", "supply chain", etc.

Among the many blockchain policies across the country, the words that most frequently appear with "blockchain" are: "digital economy", "big data", and "artificial intelligence". This is mainly because before November, there were relatively few policies on blockchains issued separately in various places.Blockchains are basically considered as one of the emerging technologies of the digital economy together with big data and artificial intelligence. Co-occurrence in policy documents. In terms of scenarios, "supply chain" and "blockchain" become the "best fit" combination in the policy document.

However, after the 1024 speech, many places issued specific policies for the development and support of the blockchain industry, officially raising the blockchain to a strategic level, and "blockchain +" has become the hottest vocabulary.

(3) A dozen provincial Party committee secretaries "voiced" for the blockchain

Since January 2019, dozens of provincial Party committee secretaries have "voiced" for the blockchain. Especially since November, the secretaries of the provincial party committees including Shandong, Zhejiang, Hubei, Yunnan, Fujian, Gansu, Heilongjiang, Anhui, Guangdong, Jiangxi and other places have been mentioned in the provincial committee standing committee, theoretical learning center group special study meetings, etc. Blockchain. (Statistics as of early December 2019)

Table 1 The secrets of provincial Party committees in various places mention the situation of blockchain

Source: Zero One Think Tank

(IV) Nearly 70% of policies encourage the development and application of blockchain technology

According to incomplete statistics of the Zero One Think Tank, between 2016 and 2019, provinces, municipalities and autonomous regions nationwide issued a total of hundreds of blockchain-related policies, of which nearly 70% of the policies encourage the development of blockchain technology. Many regions attach great importance to blockchain technology, take blockchain as one of their future development strategies, and actively deploy and focus on supporting the development and application of blockchain technology to drive the common development of related industries.

For example, Beijing Zhongguancun Management Committee, Beijing Financial Work Bureau, and Beijing Science and Technology Commission announced in November 2018 that blockchain technology will be included in the scope of Beijing's "financial technology" development plan; Hebei Province issued a document expressing its intention to actively foster development Future industries such as blockchain, the "Outline of Hebei Xiong'an New District Plan" also pointed out the need to clarify the key points of industrial development, advanced layout of blockchain, terahertz, cognitive computing and other technology research and development; and Shanxi Province, such as blockchain Emerging software products and services are included in the key investment promotion areas.

In addition, the support for the development of blockchain technology and the rectification of the supervision and regulation of the virtual currency industry are also areas where China's blockchain policy cannot be bypassed. According to incomplete statistics of the Zero One Think Tank, over 20% of the blockchain policies across the country are related to the support of blockchain technology, and about 10% are aimed at the regulation and rectification of the virtual currency industry.

(V) Strict supervision and rectification of the virtual currency industry

From the central to the local level, China has always encouraged and supported the development and application of blockchain technology. At the same time, China has always implemented a strong regulatory trend for the virtual currency industry. Adhere to the "one size fits all" principle.

After the 1024 speech, the concept of blockchain was hot, and the hype of virtual currencies has risen. For a time, the prices of various digital currencies rose, and capital reveled. At the same time, some financial activities suspected of fraud, illegal fundraising, and illegal securities issuance have shown signs of resurgence: some companies have organized virtual currency transactions in China in the name of "blockchain innovation"; they have used "blockchain application scenarios to land" as reasons , Issuing virtual currencies in the form of "xx coins" and "xx chains", publishing white papers, fictitious use of ecology, raising funds or virtual currency assets such as Bitcoin, Ethereum; for overseas ICO projects, virtual currency trading platforms, etc. Provide publicity, drainage, agency trading services, etc.

In this context, in order to cope with the resurgence of some virtual currencies, especially virtual currency platforms, local regulatory authorities have made a series of punches to rectify and clean up related activities, from the most upstream mining of virtual currencies, to the issuers of coins, and trading platforms. Then, to the related media in the currency circle, all aspects of the entire virtual currency industry have been included in the scope of regulatory rectification.

Mining industry

The domestic mining industry is mainly concentrated in the northwest region. On November 6, 2019, the Chinese government website formally released the "Industrial Structure Adjustment Guidance Catalogue (2019 Edition)". Compared to the previously released draft of comments, the elimination of the industry category in the official version removed the "virtual currency mining" "project.

But this does not mean that China encourages the development of the virtual currency mining industry. The Ministry of Industry and Information Technology of the Inner Mongolia Autonomous Region issued the “Notice on Joint Inspection of the Cleanup and Rectification of Virtual Currency“ Mining ”Enterprises on November 11th, stating that it is important to find out that it has nothing to do with the real economy, evades supervision, and consumes a lot of energy. A virtual currency "mining" enterprise that uses the "big data industry" as a package and enjoys preferential policies such as local electricity prices, land and taxes.

Trading venue

After the "94 Incident" in 2017, China's rectification of virtual currency trading venues has never stopped, and regulations are now more stringent.

On November 14, 2019, the Beijing Municipal Financial Supervision and Administration Bureau issued the “Risk Tips on the Operational Activities of Branches of Trading Venues Without Approval”. Relevant regulatory authorities in Beijing stated that at present Beijing has not approved any trading venues to establish branches. It is an illegal operation for branches of foreign trading venues (focusing on financial asset exchanges) to conduct business activities in Beijing.

On November 15th, the Shanghai Joint Office for Financial Stability and the People's Bank of China Shanghai Headquarters jointly issued the "Notice on the Remediation of Virtual Currency Trading Venues" (hereinafter referred to as the "Notice"), and conducted the virtual currency exchanges within its jurisdiction. Remediation.

On November 21, the Shenzhen Municipal Leading Group Office for Internet Financial Risks and other special rectification work released last week "Reminders on Preventing Risks of" Virtual Currency "Illegal Activities", stating that such illegal activities will be investigated and evidence obtained. The "Announcement on Preventing the Financing Risks of Token Issuance" requires serious handling, and informs the district rectification office, Qianhai Administration, Shenzhen Central Branch of the People's Bank of China, the Economic Investigation Bureau of the Municipal Public Security Bureau, and the Municipal Communications Administration to jointly develop virtual currencies Investigation and rectification of trading venues.

Since Beijing, Shanghai, and Shenzhen, Dongguan, Hangzhou, Henan, and many other regulators have “bright swords” to conduct investigations on virtual currency-related trading venues and activities.

3. Project party

To curb virtual currency transactions from the source, we must first strengthen supervision and exclusion of the parties that issue virtual currency.

On November 8, 2019, the Financial Work Bureau of Dongguan City, Guangdong Province, and the Leading Group for the Handling of Illegal Fundraising in Dongguan jointly issued the "Reminder on Preventing Risks of Illegal Fundraising in the Name of" Virtual Currency "and" Blockchain "." According to the "Risk Alert", raising so-called "virtual currencies" such as Bitcoin and Ethereum from investors through the illegal sale and circulation of tokens is essentially an illegal public financing without approval. Currency tickets, illegal securities issuance, illegal fundraising, financial fraud, pyramid schemes and other illegal and criminal activities.

4. Currency circle media

In August 2018, due to the alleged release of ICO and virtual currency trading hype information, a number of blockchain media WeChat public accounts including Golden Finance, Coin World, and Deep Chain Finance were ordered to block all information, and the account was permanently closed.

In November 2019, WeChat public accounts such as "Deep Chain", "Coin Circle Bond", "One Coin" and "Currency Coin Academy" were blocked, and the page displayed as, "Complaints by users and review by the platform, Suspected of violating relevant laws, regulations and policies, the account has been suspended. "

The high-pressure situation of virtual currencies can always be seen in the supervision of the currency circle media.

(6) Hong Kong has become a "experimental zone" for blockchain and virtual currency supervision

Although strict regulatory policies have been adopted for the entire chain of the virtual currency industry in China, it is not illegal for users to hold virtual currencies.

It is undeniable that the virtual currency represented by Bitcoin has its unique value. As early as 2013, China defined Bitcoin as "a specific virtual commodity." Although the mainland region has to implement strict supervision of the virtual currency industry due to issues such as ICOs, air coins, and pyramid schemes, in the global digital wave, countries, especially the United States, have been studying and exploring blockchain and digital currency regulatory programs and standards. In order to adapt to the development of the times and adhere to the strong supervision of the virtual currency industry in the Mainland, Hong Kong has gradually become a "test area" for China's blockchain and virtual currency supervision.

On November 1, 2018, the Hong Kong Securities Regulatory Commission announced new rules on virtual assets-"Statement on the regulatory framework for management companies, fund distributors and trading platform operators of virtual asset investment portfolios." The new regulations mainly involve the supervision of three types of entities: virtual asset portfolio management companies, virtual asset fund distributors, and operators of virtual asset trading platforms (commonly known as cryptocurrency exchanges). The new rules aim to bring virtual asset investment organizers and virtual asset fund distributors into the supervision of the Securities and Futures Commission. They also set out a conceptual framework for the possible regulation of virtual asset trading platforms and introduce a regulatory sandbox for virtual currency exchanges. Program.

On November 6, 2019, the Securities and Futures Commission of Hong Kong issued a position paper on the supervision of virtual asset trading platforms, which clarified the scope of supervision of the Securities and Futures Commission and the licensing conditions applicable to virtual asset trading platforms. At the same time, for practitioners in the domestic blockchain and traditional industries, the introduction of the new rules in Hong Kong means that the STO scheme has an additional judicial choice in addition to the United States.

(VII) Many regions have issued clear support policies for the development of the blockchain industry

The development of emerging industries is inseparable from the vigorous support of policies. Starting in November 2017, the country has clearly announced the acceleration of the blockchain industry including Huangpu in Guangzhou, Xixi Valley in Hangzhou, North District in Qingdao, Suzhou High-speed Rail New Town, Guiyang High-tech Zone, Shanghai Yangpu District, Chongqing and Hainan FTZ Supportive policies for cultivation and innovation.

From the specific content of the support policy, it can be roughly divided into technical level, industrial level and application level. The support areas involved include the establishment of blockchain industry funds, financial support for settled enterprises, site support, innovation research and development support, and talent. Support, training support and blockchain activity support.

Technical support

At the technical level, localities are encouraging the innovative research and application of blockchain technology on the one hand, and accelerating the development of the blockchain technology standard system; on the other hand, encouraging the establishment of a blockchain industry alliance and encouraging industry-university-research cooperation to build a blockchain laboratory , Industrial parks, encourage the research and application of the integration of blockchain technology with big data, artificial intelligence and other technologies to solve practical problems in social life.

For example, Hangzhou Xixigu encourages the development and application of blockchain technology, and rewards the scientific and technological achievements that have won municipal-level or higher technology awards and implemented transformation in Xihu District. It is determined that according to the national level of 1 million yuan, the provincial level of 500,000 yuan, and the municipal level 200,000 yuan will be subsidized. Yangpu District of Shanghai encourages key enterprises to jointly establish institutions with independent legal personality, such as key laboratories and research centers for blockchain technology and industrial applications, in universities, research institutes, and other institutions, and is open to society. If it is assessed as national or Shanghai, the district government will give individual institutions special awards up to RMB 6 million and RMB 3 million.

2. Industrial development support

At the level of the blockchain industry, various regions have initiated the establishment of a blockchain industry fund to support the development of blockchain startups. According to statistics from People's Venture Capital, as of December 2018, the scale of the blockchain industry fund established by the government across the country has reached nearly 40 billion yuan. On the other hand, various regions insist on taking blockchain talents as the center, and provide multi-dimensional support such as policies, funds and venues for blockchain activities, blockchain training, and blockchain talent introduction. By attracting and cultivating more and more High-quality blockchain talents accelerate the development of the local blockchain industry.

For example, Huangpu District in Guangzhou focuses on cultivating the introduction of high-level talents who have introduced the core technology of the blockchain. It is determined that priority will be given to housing for talents, or a monthly subsidy of up to 3,000 yuan per person will be granted for a maximum period of 3 years. Guiyang Hi-tech Zone pays for the introduction of blockchain technology core professional high-level talents, and the district financial subsidies for social insurance individuals to pay part; For foreign resident experts introduced full-time, basic medical insurance is subsidized by the district finance; for urgently needed first-class domestic and foreign talent For those who have settled in the New District and have served for more than 5 years, they will be given a one-time subsidy of 100,000 yuan. For graduates of the core majors of the blockchain technology that have been introduced, for three consecutive years from the first year of employment, the basic social insurance costs will be borne by the finance .

3. Technology Application Support

At the application level, various places hope that blockchain companies will be guided by actual application needs and support policy in the process of industrial development to cultivate a group of companies that can truly provide applications in government affairs, public services, finance and other scenarios.

For example, Huangpu District in Guangzhou stated in the support policy that it will focus on cultivating 1-3 blockchain future industry leaders each year, giving priority to application scenarios such as government affairs and public services. Based on the current corporate R & D subsidy policy, For those investing more than 20 million yuan in research and development, an additional subsidy of 10% will be given to those exceeding 20 million yuan, and each enterprise will subsidize up to 10 million yuan per year. Suzhou High-speed Rail New City encourages application-oriented guidance in related documents to accelerate the implementation of high-speed rail new city blockchain application scenarios demonstration projects, increase financial investment, and implement special support plans for blockchain application demonstrations, opening no more than 50 blocks each year. Chain application scenario construction, each application demonstration project does not exceed 3 million yuan. The High-speed Rail New City will also set up a special working group to help enterprises (institutions) achieve the construction of application scenarios.

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