In 2018, the central and regional governments of China sent over 40 billion yuan of investments to the technology sector (approximately $5.82 billion).
After China’s chairman Xi Jinping called Blockchain a breakthrough technology in May, the attention of the authorities in the country increased. The governments of the major cities of Beijing, Shanghai, Shenzhen, Hangzhou, Xian, Changsh, Nanjing and Henan provinces have launched investment funds to support the industry.
The largest of them – in Nanjing and Hangzhou – have a size of 10 billion yuan each, but the share of public funds in them is 30%. Only the fund, launched by the Henan province, is fully financed by the budget.
In addition, the first in the country pilot Blockchain technology zone was opened in the autumn in the island province of Hainan. Earlier it was reported that over the past 12 months, 16.6 thousand enterprises had been created in China, which indicated the Blockchain as one of their activities.
However, the People’s Bank of China recently called for a weighted attitude towards the Blockchain, noting that the functionality of the new technology should not be exaggerated.
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