A member of China's parliament suggests setting up national blockchain development fund

Tan Jieqing, a member of China’s parliament, or National People’s Congress, has recommended setting up a national, government-backed blockchain development fund.

Jieqing believes that blockchain technology has huge economic potential and can generate employment opportunities, Beijing News reported on Saturday. The current number and scale of blockchain firms in China are small and that needs to be strengthened, according to Jieqing.

To that end, he has suggested setting up a blockchain development fund that would help “cultivate a number of quasi-unicorn enterprises” in the industry.

Jieqing also wants blockchain to be included in China’s “Fourteenth Five-Year Plan” for industrial development. The country’s five-year plans are a series of national development agendas focused on social and economic development. China's first five-year plan was issued in 1953 and the fourteenth plan is scheduled to get approved and published by next year.

Jieqing wants China to promote blockchain for the modernization of governance capabilities, and therefore, has suggested developing a clear national blockchain development plan with information on technical standards, industrial application development, and top-level system design.

China has been increasingly focusing on blockchain development since last October when president Xi Jinping said the country should take the leading position in the technology. Last month, China announced a 71-member national blockchain commit­tee, including executives from Chinese tech giants Baidu and Tencent. Most recently, the Chinese government-backed think tank State Information Center launched the Blockchain-based Service Network to help companies deploy blockchain applications faster and cheaper.