China’s southeastern coastal province Fujian has announced a regional policy that encourages local tech companies and startups to adopt blockchain technology, along with a series of cutting-edge technologies like computer vision, AI, virtual reality, and edge computing.
The Chinese government still holds a conservative view towards cryptocurrencies as the ban on cryptocurrency exchanges and ICOs are still in effect. But the country is becoming increasingly committed to blockchain, the technology behind them.
Given the circumstance, the regional governments of some tech hubs are taking the lead in embracing the new technology. Different from Fujian Province, which offered policy supports, lots of cities have taken more substantial step by providing funding supports to blockchain startups.
Shenzhen launched its first venture capital fund of RMB 500 million on April 24 to focus on blockchain firms, about 2 weeks after the Hangzhou government invested in a $1.6 billion blockchain fund. Some local commentators have dubbed this trend as a “government-led mode.”
Fujian Province is also where the country’s lesser-known tech hubs like Xiamen and Fuzhou located. They are the home to Chinese internet giants like gaming firm Net Dragon, photo app Meitu and period tracker MeetYou.