The National Development and Reform Commission (NDRC) of China Includes Blockchain in its Technological Infrastructure
THE National Development and Reform Commission (NDRC) of China has included Blockchain technology as an integral part of its Data and Technology infrastructure. The NDRC recently informed the local press that Blockchain will now play a vital role in its technological ecosystem along with other emerging technologies including Artificial Intelligence,(AI), Cloud Computing, Internet of things(IoT), etc.
THE National Development and Reform Commission (NDRC) which was formerly known as State Planning Commission is a macroeconomic management agency administered by the State government that plans core strategies to control the economy of Mainland China.
Statement from High –tech Director Wu Hao:
While revealing more about the new strategy, High –tech Director Wu Hao said, “NDRC would work with relevant departments to study and issue guidance to promote the development of new infrastructure and revise and improve the access rules that are conducive to the sustainable and healthy development of emerging industries.”
Functions and plans of The National Development and Reform Commission
As a further stride in this arena, NDRC subsidiary – Blockchain Service Network (BSN) has been working to provide blockchain-based tools to develop blockchain bases applications for companies in various sectors. NDRC also plans to open its services globally in near future.
It has addressed issues for the advancement of high tech industries and formulated various strategies for distribution and application of key technical equipment.
In 2018, the NDRC had strategized various policies to accelerate the economic and technological development, research and statistical analysis. In 2018, it had signed an agreement with China Development Bank for financial support of 100billion Yuan($14.1) billion) to the companies that are working in emerging technologies such as Artificial Intelligence(AI) and the Internet of Things(IoT).
This new strategy has been welcomed by the speculators and is assumed to promote the blockchain industry in the country.
The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.
CBW - External Analyst