Blockchain Technology in China's Digital Economy

Author:

Yu Poshan1ORCID,Gong Ruixin2,Sampat Michael3

Affiliation:

1. Soochow University, China

2. Independent Researcher, China

3. Independent Researcher, Canada

Abstract

Compared with the traditional industrial economy, the Chinese digital economy uses brand-new production factors and production organization methods to bring changes to human society and promote the transformation of the economy. This chapter aims to explore the practical problems of adopting blockchain technology in China's digital economy and study how different cities (managed by various local governments) enhance their unique financial technology ecosystem's economic performance and promote RegTech policy in order to improve the digital economy under the central government's institutional setting. This chapter in turn analyzes the recent cases of blockchain in China's financial industry, compares the application and development of the latest financial technology related policies in major cities, and demonstrates how these regulations can promote the development of blockchain technology in the transformation of China's digital economy.

Publisher

IGI Global

Reference38 articles.

1. Administrative Commission of Zhongguancun Science Park. (2018, November 9). Notice on printing and distributing the Beijing Fintech Development Plan (2018-2022). Available at: http://zgcgw.beijing.gov.cn/zgc/zwgk/ghjh/179396/index.html

2. CBIRC. (2020a, Mar.31). Notice on Promoting the Incremental Expansion, Quality Improvement and Cost Reduction of Financial Services for Small and Micro Enterprises in2020. Available at: http://www.cbirc.gov.cn/cn/view/pages/govermentDetail.html?docId=896876&itemId=878&generaltype=1

3. CBIRC. (2020b, Jul.17). The Interim Measures for the Management of Internet loans of commercial banks. Available at: http://www.gov.cn/xinwen/2020-07/17/content_5527714.htm

4. China News. (2020, December 9). The Digital Currency Research Institute of the People’s Bank of China signed a strategic cooperation agreement with UnionPay. Available at: http://www.szzg.gov.cn/2020/szzg/gzdt/202012/t20201209_5478980.htm

5. China Securities News. (2019, December 3). CBIRC: Encourage insurance companies to conduct data docking with third-party credit reference institutions and various big data institutions. Available at: http://ddcredit.dandong.gov.cn/zh/News_18951.html

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