The government of the Chinese city of Guangzhou has allocated 1 billion yuan (~ $140 million) to boost the development of blockchain initiatives after the General Secretary of the Communist Party of China Xi Jinping said that the country's party should focus on the blockchain technology.
According to a local media Caijing.com.cn, Guangzhou Huangpu District and Guangzhou Development Zone have issued the "Detailed Rules for Implementing Several Measures for Accelerating Blockchain Industry Leading Change."
The investments should reportedly provide big enterprises with multi-level services such as angel investment, equity investment, and post-investment value-added, and establish "multi-base + Big Fund" distributed financial ecosystem.
As a part of the whole investment campaign, Guangzhou Huangpu District and Guangzhou Development Zone will invest in 20 enterprises each year.
Earlier iHodl reported that during a special meeting held on Thursday, Xi Jinping stated that China already has enough resources to make blockchain China's main priority.
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