All eyes are on China’s Two Sessions (Langhui) meeting which is underway in Beijing and, reports have suggested new technologies like blockchain are integral to the national plan.
With huge political implications for China’s future, many analysts of the People’s Republic will be looking keenly at the event which began May 21st and lasts two weeks. So, what are the Two Sessions and what does it mean for blockchain and the new digital currency electronic payment (DCEP) in China?
What are the Two Sessions Meetings?
The Two sessions meeting is a yearly convening of China’s Chinese People’s Political Consultative Conference (CPPCC) – a group of advisers totalling 2,000 members – and 1,000 National People’s Congress members, China’s highest legislative body.
Seen as the most important meeting of the year, it sets out the policy and plans for the future. The event and policies are all headed by the National Development and Reform Commission (NDRC), the body which organises the plan for the future. The year plan will be set out in the Work Report by Premier Li Keqiang.
However, this year, which comes amidst the backdrop of the Coronavirus and US tension concerns, holds special importance as it should see the creation of China’s 14th five-year plan. The five-year plans are the bedrock for future policies in China.
Blockchain and digital currencies are popular
Blockchain and digital currencies have been a popular topic for legislators and advisors at the meeting. From both sides, there are a number of local and central policies involving the new technologies.
Spurred on by their leader, Xi Jinping’s backing of blockchain in October 2019 and the National Development and Reform Commission making the technology a part of the new infrastructure”, policymakers have worked hard to build applications and legislations.
Chinabankingnews gave a comprehensive list of the various bills put forward by the NPC and CPPCC. The NPC bills submitted include:
|Cui Yu (崔瑜), chairwoman of City Commercial Banks Clearing Co., Ltd||Actively striving for advanced trials of digital currency in the Yangtze River Region. Cui has called for further payments integration of the Yangtze River Region.|
|Zhang Jindong (张近东), chair of Suning Holdings Group||Various levels of government coordinating with e-commerce enterprises in the use of blockchain and big data technology to help protect established brands.|
|Kong Falong (孔发龙), party secretary of Jiangxi Rural Commercial Bank||Support for the development of independent and controllable Made-in-China blockchain platforms, to overcome China’s weaknesses in the areas of key technologies and core patents.|
|Wang Tianyu (王天宇), chair of Bank of Zhengzhou||Driving use of blockchain and other technologies such as AI, biometrics, cloud computing and big data by small and medium-sized banks. i) Loosen digitisation regulation for smaller banks; ii) improve personal data rights protection laws, iii) establish exchange platforms.|
|Sun Pishu (孙丕恕), CEO of Inspur||Support for China’s new infrastructure development, encompassing big data, blockchain and artificial intelligence.|
|Zhou Yunjie (周云杰), president of Haier Group||Integration of 5G, artificial intelligence, cloud computing, the blockchain and the Industrial Internet of Things into China’s “new infrastructure.”|
CPPCC bills put forward:
|Zhou Yanli (周延礼), former deputy-chair of the China Insurance Regulatory Commission (CIRC)||Use of blockchain technology to “reforge the trust foundations of insurance.”|
|Cheng Jing (程静), chair of Zhizao Dajie (智造大街)||Application of the blockchain to various industries including aviation, logistics, finance and healthcare.|
|Luo Shaming (骆沙鸣), deputy chair of the Quanzhou municipal PPCC||Increasing special plans for blockchain research and applications in China’s 14th Five Year Plan.|
|Zhang Ye (张野), deputy-chair of the Regtech Work Committee of the China Securities Regulatory Commission (CSRC)||Exploring innovative application of the blockchain to securities funds and the futures sector.|
|Gong Fuwen (巩富文), deputy-head of the Shaanxi province Supreme People’s Court||Government driving the innovative development of blockchain technology.|
|Liu Wei (刘伟), chair of PCI-Suntek Technology||Use of blockchain technology to create city information models and platform-model artificial intelligence hubs.|
|Ou Zongrong (欧宗荣), deputy-chair of the Fujian Province Industrial and Commercial League||Rapid development of modern technologies such as the blockchain, support for digital regulation.|
Alongside the numerous bills drafted, Jieqing Tan, NDRC deputy has also called for a blockchain industry development fund, with the aim of promoting the technology and fostering unicorn enterprises in the blockchain space.
Overall, it would appear that blockchain is integral to China’s future. More may be revealed on the technology and DCEP by the end of the meeting, but as of now, it would appear that China is looking to be the worldwide leader in blockchain.