China is preparing to develop and regulate cutting-edge technologies like Web3, NFTs, metaverse and decentralised apps (dapps) under strict state supervision, according to government documents.
Focused Plans to Develop and Supervise Web3
The Ministry of Industry and Information Technology (MIIT) has published plans in response to proposals by Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference, to support research and development of Web3.0 technologies. The documents outline:
– Resource support for Web3 research
-Technical supervision and international cooperation
-Policies to foster blockchain development and boost the industry
– National standards for Web3 technologies set by a new committee
Vibrant Research Institution and Pilot Projects
Research institutions in China are actively exploring metaverse and NFT technologies. Pilot projects have tested blockchain applications in 16 fields. Data exchanges like the Beijing International Big Data Exchange and the Shanghai Data Exchange provide testing grounds for Web3 applications.
Strict Regulation and State Supervision
The MIIT plans to strengthen technical research and supervision to develop breakthroughs in core Web3 technologies. The Cyberspace Administration of China will work with MIIT to regulate the industry according to national policies.
International Collaboration and Promotion
China will engage in international exchanges to stay up-to-date with global Web3 trends. The government aims to increase publicity and form demonstration projects to promote public understanding and build an industry application platform.
In summary, China is positioning itself to become a leader in Web3 through a combination of state-sponsored research, strict regulation and top-down supervision of emerging technologies. With extensive resources and strong government support, China’s Web3 plans seek to dominate through central control.