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Blockchain is part of China’s master plan for the island, which will compete against Hong Kong

June 3, 2020

The Chinese authorities have released a master plan to turn the southern island province of Hainan into a free trade port., Xinhua News reports on June 1 that the commercial port system will focus on relief Free trade, investment and cross-border capital flows across the island.

Reform of state institutions

The master plan encourages government institutions to use blockchain and other technologies to reform government functionsThe authorities hope that new modern technologies to build a integral, scientific, standardized and effective free trade port government systemThey added that:

“We should make the most of the role of modern information technology, big data and blockchain, in addition to standardizing standards for government services, reinventing government processes and services, strengthening proper data exchange and improving government services, and the level of governance.”

China says it is committed Strengthen the application of blockchain technology to transactions, certifications, and other aspects of intellectual propertyand researching new models that are suitable for the development of free trade ports.

Hainan v Hong Kong

Blockchain is part of China’s master plan for the island, which will compete against Hong KongBlockchain is part of China’s master plan for the island, which will compete against Hong Kong

The decision to convert the entire island of Hainan in a free trade pilot zone, was announced by Chinese President Xi Jinping during a visit to the island in April 2018.

Early last year China’s richest man, Jack Ma, told the Business Leaders Advisory Council that Hainan must strive to “beat Hong Kong” by becoming a key player in international trade in the digital agethe council was created to Advising the government on its plan to accelerate the opening of Hainan and the development of the free trade pilot zone in Hainan, according to the South China Morning Post.

Hainan’s free trade port is said to be “basically” by 2025 and “more mature” by 2035in accordance with the plan jointly published by the Central Committee of the Chinese Communist Party and the State Council.

As Cointelegraph previously reported, A special fund of approximately $ 142 million was created Fund blockchain companies in Hainan late last year.