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. 

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Jayashree Ingle

CBW - External Analyst

INDIA