Xi Jinping emphasized the use of blockchain as an important breakthrough for independent innovation of core technologies, and urged to accelerate the development of blockchain technology and industrial innovation.
Translated by Mable Jiang (Principal @ Multicoin Capital | Contributor @ BES Lab)
Translator’s note: It is not a coincidence that Xi gives out this speech right after
Zuckerberg’s testimony at the Congress. The speech also changed many people’s view on the market
for the next few weeks. In my own opinion, it is very crucial for someone to make market
judgment by reading the original text (rather than hearing from some interpretations).
Meanwhile, from an undisclosed source, Alipay and WeChat have been running a few projects trying
to push out a cryptocurrency solution embedded in their current platforms under the guidance of
the Central Bank. These projects are all competitive to each other and the leaders (Central
Bank, Alipay and WeChat Pay) will determine which approach will be finally adopted as time goes
by.
Keywords of the Speech (and interpreter’s own interpretation) :
Xi Jinping, general secretary of the CPC Central Committee, at the study emphasized that the integrated
application of blockchain technology plays an important role in new technological innovation and
industrial transformation. “We must take the blockchain as an important breakthrough for independent
innovation of core technologies, evaluate the right approach to deploy our resources, increase
investment, focus on a number of key core technologies, and accelerate the development of blockchain
technology and industrial innovation.”
Xi Jinping pointed out: “The application of blockchain technology has already extended to digital
finance, Internet of Things, intelligent manufacturing, supply chain management, digital asset trading
and other fields. At present, major countries in the world are accelerating the development of
blockchain technology. China has a good foundation in the field of blockchain. It is necessary to
accelerate the development of blockchain technology and industrial innovation, and actively promote
the
development of blockchain and social-economic integration.”
“It is necessary to strengthen basic research, enhance the original innovation ability, and strive to
let China take the leading position in the emerging field of blockchain, occupy the commanding
heights
of innovation, and gain new industrial advantages. It is necessary to promote collaborative
research,
accelerate the breakthrough of core technologies, and provide safe and controllable technical support
for the development of blockchain applications. It is necessary to lead the standard setting and
right
to speak in the world. It is necessary to speed up industrial development, give play to market
advantages, and further open up the innovation chain, application chain and value chain. It is necessary
to build an ecosystem of blockchain industry, accelerate the deep integration of blockchain with other
frontier information technologies such as artificial intelligence, big data, and Internet of Things, and
promote integrated applications. It is necessary to strengthen the talent pool, build a variety of
talent training platforms, and cultivate a group of leaders and innovation teams.”
“It is necessary to seize the opportunity of blockchain technology integration, function expansion and
industry segmentation, and play the role of blockchain in promoting data sharing, optimizing business
processes, reducing operating costs, improving synergy, and building a credit system. It is
necessary to
promote the deep integration of the blockchain and the real economy, and solve the problems of
difficulty in financing loans for SMEs, difficulties in controlling the risks of banks, and
difficulties
in departmental supervision. It is necessary to use blockchain technology to explore digital economic
model innovation, provide power for creating a convenient, efficient, fair and competitive, stable and
transparent business environment, and provide services for promoting structural reforms on the
supply-side and realizing the effective matching of supply and demand in various industries, in
order to
accelerate industrial evolution. Provide support for continuous transformation and promote high-quality
economic development.”
“It is necessary to explore the application of ‘blockchain+’ in people’s daily life, and actively
promote the application of blockchain technology in the fields of education, employment, pension,
data-driven poverty alleviation, medical health, anti-counterfeiting, food safety, public welfare,
social assistance, etc. The masses provide more intelligent, more convenient and better public
services.
It is necessary to promote the combination of the underlying technological services of blockchain and
the construction of new smart cities, explore the application in the fields of information
infrastructure, smart transportation, energy and power, and improve the level of intelligence of urban
management. It is necessary to use blockchain technology to promote greater inter-connectivity among
cities in terms of information, capital, talents, and credit information, and ensure the
resource-production efficiency within the region. It is necessary to explore the use of the
blockchain
data sharing model to achieve the joint maintenance and utilization of government data across
departments and regions, promote business synergy, strengthen the digital governmental
service
provision, and bring better government service experience to the people.”
“It is necessary to strengthen the guidance and regulation of blockchain technology, strengthen the
research and analysis of blockchain security risks, closely track development trends, and actively
explore laws. It is necessary to explore the establishment of a safety guarantee system that
adapts to
the blockchain technology mechanism, and guide and promote blockchain developers and platform operators
to strengthen industry self-discipline and take safety responsibilities. It is necessary to implement
the rule of law into the management of blockchain and promote the safe and orderly development of
blockchain.”
“Relevant departments and their respective leaders should pay attention to the status quo and trend of
blockchain technology development, improve the application and management of blockchain technology
capabilities, and enable blockchain technology to build a stronger network of things, develop digital
economy, and promote economic and social development.”
Click here to view the original source in Chinese