China Unveils 3-Year Action Plan to Expand IT Consumption and Blockchain

A recent announcement from the Chinese National Development Commission (NDC) and the Ministry of Industry and Information Technology (MIIT) introduced the Three-Year Action Plan to Expand and Upgrade Information Consumption (2018-2020).

According to the MIIT, the main focus of this action plan is the integration of information technology (IT) within the real economy. This encompasses areas such as financial technology (fintech) and blockchain algorithms among other sectors. The release emphasizes the government’s commitment to utilizing blockchain and IT as pivotal tools rather than viewing them as separate economic components.

The MIIT noted, “Currently, China’s economy has transitioned from a phase of rapid growth to one of high-quality development. With the ongoing rise in residents’ income levels and significant shifts in consumption patterns, the overall demand for consumption in China has surged, and the structure has progressively advanced towards higher-end consumption.”