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Comparison of the Blockchain Policy Layouts of Five Major Cities: Who Will Lead the Future of the Industry?
Blockchain Industry Policy Layout: Five Major Cities Show Their Strengths
The development of blockchain in the five cities of Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou is closely related to their own economic, talent, and technological advantages. Based on these innate conditions, the governments of these cities have successively introduced a series of policy plans to support the development of the blockchain industry.
Beijing: Early Policy Layout, Strict Regulation
As the political and economic center of the country, Beijing also demonstrates great potential in the field of technology. The Beijing government recognized the potential innovative role of blockchain technology early on and began its policy planning in 2016, leading the nation.
In February 2016, the Zhongguancun Blockchain Industry Alliance was established, along with the Blockchain International Incubation Center. In December of the same year, Beijing incorporated Blockchain into the technical category of Internet finance. Since then, the Beijing government has encouraged the exploration of innovative technologies such as Blockchain in various plans.
However, Beijing has very strict regulations on the blockchain industry, especially in the field of cryptocurrency. In August 2018, the Chaoyang District of Beijing required that no form of virtual currency promotional activities be held in the district.
In the future, Beijing is expected to play a leading role in financial innovation and regulatory technology. Huang Zhen, a professor at Central University of Finance and Economics, believes that as a hub for regulatory agencies, it is an inevitable trend for Beijing to utilize Blockchain technology for regulation.
Shanghai: Latecomers Surpassing the Early Birds, Striving to Catch Up
Although Shanghai missed the dividend period of internet development, it seems unwilling to fall behind in the blockchain field. In fact, Shanghai may be one of the earliest hubs of the blockchain industry in China. In 2011, China's first Bitcoin trading platform BTCC was established in Shanghai. In 2015, the first Blockchain Global Summit was held in Shanghai, greatly promoting the spread of the blockchain concept in the country.
However, the Shanghai government's policy support started relatively late. It wasn't until 2018 that Shanghai began to accelerate its layout in the Blockchain field. In May, the Blockchain Industry Center was established; in June, the nation's first provincial-level Blockchain Technology Research Center was inaugurated; in September, Yangpu District released 12 policies to support the development of the Blockchain industry.
Although starting relatively late, the Blockchain industry is still in its early stages, and Shanghai still has the opportunity to seize this transformative opportunity through policy support.
Guangzhou: Industry First, Policy Follow-up
Guangdong is the province in China that has introduced the most blockchain-related policies, among which the policies in Guangzhou are particularly dense, mainly focusing on the financial sector.
In 2017, Guangzhou established the Blockchain Industry Association and Innovation Base, creating an initial industrial layout. In December of the same year, Guangzhou introduced its first blockchain industry support policy, covering various rewards and support.
With the development of the industry and policy support, Guangzhou has more than 6,000 blockchain enterprises, ranking first in the country. The government's support is still increasing, aiming to cultivate multiple blockchain unicorn companies.
Shenzhen: Aiming for a Financial Technology Center
As a national innovative city, Shenzhen is also at the forefront in the field of Blockchain. From 2016 to 2018, several government departments in Shenzhen issued policy documents supporting Blockchain technology, laying the foundation for the development of inclusive finance, technology finance, and more.
Shenzhen is in a leading position nationwide in the blockchain applications of financial scenarios such as cross-border payments and electronic invoices. At the same time, Shenzhen is also very generous in terms of fiscal subsidies, having established financial innovation awards, blockchain venture capital funds, and other substantial support measures.
Shenzhen's clear policy guidance and strong financial support demonstrate its ambition to become a financial technology center.
Hangzhou: Policy Guidance, Application First
Thanks to the impetus of Alibaba, Hangzhou has an inherent advantage in internet and technology talents, laying the foundation for the development of the Blockchain industry. Hangzhou has well-known enterprises in every link of the Blockchain industry chain, presenting a comprehensive development trend.
The Hangzhou government paid attention to Blockchain earlier, mentioning it in policy documents in 2016. In 2017, Hangzhou hosted the first government-sponsored Blockchain summit and launched the country's first Blockchain industrial park.
Hangzhou's policy mainly guides the use of existing advantages to form industrial clusters, emphasizing application orientation. As of August 2018, Hangzhou has 55 companies related to Blockchain technology services, and the Blockchain ecosystem is becoming increasingly mature.