What happened: China released the “Guiding Opinions on Rural Service Revitalization of Financial Services,” according to an official announcement on Monday. The implementation of new technologies will streamline the collection and sharing of agricultural data and “improve the identification, monitoring, early warning, and disposal levels of agricultural credit risks,” according to the announcement. Furthermore, new technologies are expected to encourage financial service providers to develop exclusive loans products and small payment settlement for rural e-commerce.
Why it’s important: The new guidance, trying to help promote and implement blockchain and other new technologies in the rural regions, is part of the country’s plan to improve the efficiency of agriculture finance services. Although Chinese regulators continue to hold a tight grip over blockchain and cryptocurrency, overall, the country is very eager to apply the technology to various industries. China is now one of the leaders in the research and development of blockchain applications. In 2017, China was the most active patent filer of blockchain applications.