Ministry of Information and Technology of China to Formulate New Web3 Strategy

The Ministry of Information and Technology of China has agreed to formulate a new strategy for the Web3 field to improve the state of the industry in China. The initiative comes as an answer to a proposal made at the 14th Chinese People’s Political Consultative Conference (CPPCC) National Committee, aiming to strengthen Web3’s condition in the country.

Ministry of Information and Technology of China Will Develop a New Web3 Strategy

The Chinese government plans to develop a new Web3 strategy for the country. In a recently released document, the Ministry of Industry and Information Technology answers a petition by Wu Jiezhuang, a member of the Chinese People’s Political Consultative Conference (CPPCC) National Committee, that seeks to promote the development of the Web3 industry in China.

The document highlights four relevant aspects of the plan. The first aspect proposes to develop a new document that improves the top-down design of the current Web3 focus of China. This includes implementing Web3 tech in areas such as government affairs and industry, encouraging the development of non-fungible tokens (NFTs) and decentralized apps, and accelerating the construction of a digital ecosystem.

Strengthening the technical research and supervision through national universities and companies and exploring the application of blockchain technologies are part of the second aspect of this strategy.

The third aspect involves internationalizing the Chinese Web3 activities by following the latest trends and involving national institutions in developing industry standards.

Lastly, increasing blockchain tech technology publicity and promotion through known science resources and the promotion of apps using Web3 technologies will help increase the level of knowledge and awareness of the public on the subject.

China’s interest in Web3 is not new. In February 2022, 16 governmental bodies in China announced the designation of 15 pilot zones to carry out projects in the fields of manufacturing, energy, government and tax services, law, education, health, trade and finance, and cross-border finance, but using blockchain tech.

What do you think about issuing a new Web3 strategy in China? Tell us in the comments section below.