The Chinese central government announced plans to craft a strategic document for China Web3 development. It supports NFT and DApp growth by emphasizing cross-chain, privacy computing, and smart contracts. Following the receipt of a proposal on Web3 industry development, key entities responded positively.

China Prioritizes Standard Development for Web3 with National Blockchain Committee

China has a solid industrial foundation. It benefits from a favourable policy environment, technical reserves, and diverse application scenarios. Policies like “Guiding Opinions on Accelerating the Application of Blockchain Technology” and “Blockchain Information Service Management Regulations” contribute to this environment.

Technological exploration extends to research on emerging ideas like Web3, Metaverse, and NFTs. Independent alliance chain platforms, such as Changan Chain and Ant Chain, have been established. They will grow technologically and form partnerships.

Applications of Web3 span industries like healthcare, education, and tourism. The government, along with various departments, organized blockchain innovation pilot actions. It creates successful cases in energy, copyright, rule of law, and trade finance.

Standard development is a priority, with the establishment of the National Blockchain and Distributed Accounting Technology Standardization Technical Committee. Initiatives include releasing the first domestic standard, the Blockchain and Distributed Accounting Technology Reference Architecture.

Considering future steps, the government plans to enhance top-level design. China is formulating a Web 3.0 development strategy aligned with national conditions. Attention will be given to key areas in the industry. It will encourage new business models like NFTs and DApps.

Chinese Government Promotes Web3.0 Through Science Popularization

Technical research and supervision will be strengthened. It will support research institutions in innovations related to cross-chain, privacy computing, and smart contracts. Emphasis will also be on blockchain security supervision and governance. It will explore alliance chain technology convergence, and increase data security.

International exchanges and cooperation will be fostered, with active participation in Web3-related global standardization activities. The government aims to increase its international influence and rule-making power in Web 3.0 development.

Technology publicity and promotion are keys, to utilizing science popularization platforms to enhance public understanding of Web3. It includes distributed digital identity and digital asset management. Academic progress and technological achievements will be actively supported to drive innovation in the Web 3.0 industry.