<p>Government authorities in the Chinese city of Shanghai, along with China’s central bank and other banks, have formed a blockchain alliance to improve trade finance operations.</p> <p>The Shanghai Municipal Commission of Commerce, Shanghai Customs, the People's Bank of China and the Bank of Communications, among others, are all members of the alliance, Global Times <a href="http://www.globaltimes.cn/content/1169257.shtml">reported</a> Thursday.</p> <p>"This is the first blockchain application project in customs,” said Ye Jian, a general administration official at Shanghai Customs. “China upholds multilateral trade and constantly improves its business environment by seeking technological innovation.”</p> <p>Several free trade zones in China already use blockchain technology to digitize trade, improve efficiency and reduce costs of operations, per the report.</p> <p>Just yesterday, Hong Kong and mainland China also <a href="https://www.theblockcrypto.com/linked/46074/hong-kong-and-china-partner-on-blockchain-project-for-trade-finance">partnered</a> on a blockchain project to improve their trade finance operations.</p> <p>Blockchain adoption has been growing in China, especially after the country’s president, Xi Jinping, publicly <a href="https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain">supported</a> the technology, saying that the nation should take the leading position in its development. China is also almost ready <a href="https://www.theblockcrypto.com/linked/35493/chinas-central-bank-digital-currency-is-ready-after-5-years-of-development">to launch</a> its national digital currency after five years of research and development.</p>