Analysis of Blockchain Policy Layout in China's Five Major Cities

Beijing: Early policy layout, strict regulation

As the national political and economic center, Beijing has demonstrated foresight in the development of blockchain technology. In February 2016, the Zhongguancun Blockchain Industry Alliance was established, along with the Blockchain International Incubation Center. The Beijing government has positioned blockchain as a technology for internet finance and encourages research and application of innovative technologies such as blockchain in various plans.

However, Beijing's regulation of the Blockchain industry is very strict. In August 2018, a district issued a notice prohibiting the holding of virtual currency promotion activities in commercial venues. This reflects Beijing's cautious attitude towards cryptocurrency trading while promoting the development of Blockchain technology.

In the future, Beijing is expected to leverage the advantages of blockchain technology in financial innovation and regulatory technology. As a hub for regulatory agencies, Beijing has the conditions to become a leader in blockchain regulatory technology.

Shanghai: Late Start, Early Arrival, Strong Policy Support

Although Shanghai started late in terms of Blockchain policies, it has shown great enthusiasm for development recently. In 2018, Shanghai made several breakthroughs in the Blockchain field: it established a Blockchain industry center and a technology research center, and released policy documents to support the development of the Blockchain industry.

Despite having missed the opportunity during the previous development of the internet, Shanghai seems determined not to miss the blockchain transformation this time. With the increase in policy support, Shanghai is expected to catch up in the development of the blockchain industry.

Guangzhou: Industry First, Policy Follow-up

Guangzhou has shown active performance in the development of the Blockchain industry. In July 2017, the Blockchain Industry Association was established, followed by the establishment of an innovation base and the introduction of support policies. As of August 2018, Guangzhou has more than 6,000 blockchain enterprises, ranking first in the country.

The Guangzhou government continues to increase its support for the Blockchain industry. In October 2018, it announced that a new version of support policies would be introduced, aiming to cultivate 3-5 Blockchain unicorn companies. With the foundation of the industry and policy support, the development prospects of the Guangzhou Blockchain sector are broad.

Shenzhen: Ambition of a Financial Technology Center

Shenzhen is at the forefront of blockchain policy, especially focusing on applying blockchain in the financial sector. Since 2016, multiple government departments in Shenzhen have issued policy documents supporting blockchain technology. This demonstrates Shenzhen's determination to develop financial technology and catch up with Beijing and Shanghai.

Under the guidance of policies, Shenzhen is in a leading position in the financial application of Blockchain technology. Shenzhen has also launched large fiscal subsidy policies and venture capital funds, demonstrating its determination to develop the Blockchain industry.

Hangzhou: Policy Guidance, Application-Oriented

Thanks to the drive of internet giants like Alibaba, Hangzhou has a technological and talent advantage in the development of the Blockchain industry. Blockchain companies in Hangzhou cover all aspects of the industrial chain, showing a comprehensive development trend.

The Hangzhou government has paid early attention to Blockchain and adopted an open attitude. In 2017, it hosted the first government-sponsored Blockchain summit in the country and established a Blockchain industrial park. The policy focuses on leveraging existing advantages to form an industrial cluster. As of August 2018, Hangzhou has 55 Blockchain technology service companies, and the ecosystem is becoming increasingly mature.