China's Leap into Web3: Chang'an Chain Engages Over 50,000 Developers

China Champions Web3 Evolution with Chang'an Chain Initiative

China, in a significant move towards Web3 technology, has rallied over 50,000 developers to participate in the state-supported Chang'an Chain blockchain platform. This initiative underscores China's strategic shift in its technology policy.

Yin Hejun, from China’s Ministry of Science and Technology, highlights the nation's dedication to Web3 development. He emphasizes the alignment of this focus with the Ministry's primary objectives. Hejun's statement came as a response to a proposal by the National Committee of the Chinese People’s Political Consultative Conference (CPPCC).

"The proposals on strengthening resource support for Web3 technology research and development, strengthening technology supervision and management, encouraging international cooperation, and strengthening publicity and promotion are forward-looking and strategic and highly compatible with the key work of the Ministry.”

The Chinese government's document outlines a comprehensive strategy. It encompasses policy support, technical research, and the application of Web3 technologies. The government cites its strong industrial base and vast potential for Web3 development.

In addition to governmental support, leading Chinese tech giants like Ant Group, Baidu, and Huawei play a pivotal role in this sector. Their involvement underlines the importance of collaborative efforts in advancing Web3 technologies.
To expedite blockchain adoption, the Ministry of Science and Technology, along with other governmental bodies, has established various policies and standards. Local initiatives in cities like Beijing and Shanghai aim to foster innovation in the Web3 space.

This move marks a stark contrast to China's previous stance on cryptocurrencies and mining operations. While the country progresses in Web3 technology, concerns linger around the digital yuan. This central bank digital currency offers advanced payment options but raises issues regarding surveillance and control by the authorities.

China's embrace of Web3 and blockchain technologies represents a nuanced approach in its technology policy, balancing innovation with regulatory oversight.