China's Hainan unveils measures to foster blockchain industry

HAIKOU - South China's Hainan province on Wednesday released a set of measures to speed up the development of the blockchain industry, according to a press conference held in the provincial capital of Haikou.

The measures, released by China's first blockchain pilot zone in the Hainan pilot free trade zone (FTZ), will support the blockchain industry through talent cultivation, technological application, social investment and other aspects.

Efforts will be made to employ blockchain technology in multiple areas such as housing, healthcare, tourism and trade, with a special fund of 1 billion yuan ($142 million) set up to finance blockchain companies.

Based in the Hainan Resort Software Community (RSC), an internet industrial park, the blockchain pilot zone was launched by the provincial department of industry and information technology in October 2018.

It is the first officially authorized blockchain pilot zone in China, said Wang Jing, head of the department, at the press conference.

The pilot zone has so far accommodated more than 100 blockchain organizations and companies and is one of the fastest-growing blockchain clusters across the country.

The RSC also launched an action plan titled "Secure, Sharing, Compliance+" (SSC+) on the same day, which is aimed at realizing secure and trusted data sharing and digital governance by integrating advanced technologies including blockchain technology and big data.

It will help facilitate the construction of the pilot FTZ with free flow of personnel, goods, capital and convenient flow of data, according to a press release.

The SSC+ has attracted attention overseas, as the Dubai Blockchain Center signed an agreement of strategic cooperation with the blockchain pilot zone on Wednesday.

The Ministry of Industry and Information Technology has issued an implementation plan to support Hainan with the construction of the pilot FTZ and a free trade port with Chinese characteristics, which covers 17 specific areas including the development of the blockchain industry.