Comparison of Blockchain Policy Plans in China's Five Major Cities

Beijing: Early Policy Layout, Strict Regulation

As the national political, economic, and technological center, Beijing has made early policy arrangements in the Blockchain field. In early 2016, the Zhongguancun Blockchain Industry Alliance and the Blockchain International Incubation Center were successively established. By the end of the same year, Beijing included Blockchain in its financial industry development plan. Since then, Beijing has introduced multiple policies to encourage the application of Blockchain and other innovative technologies in the financial sector.

In 2018, Beijing further incorporated Blockchain into its financial technology development plan, requiring the promotion of the development of underlying technologies such as Blockchain. However, Beijing's regulation of the cryptocurrency industry is very strict. In August 2018, Chaoyang District required that various venues must not hold virtual currency promotional activities.

Beijing's blockchain policy direction is closely related to its financial and talent advantages. In the future, blockchain may see breakthroughs in financial innovation and regulatory technology. Some experts believe that Beijing, as the headquarters for regulation in various industries, is expected to become a center for blockchain regulatory technology.

Shanghai: Policy Catch-up, Striving for Curve Overdrive

Shanghai's policy layout in the blockchain field was relatively late, but recent actions have significantly accelerated. From 2016 to 2017, Shanghai only mentioned blockchain in a few government documents. Starting in 2018, Shanghai began to make efforts in the blockchain field:

• In May, the Blockchain Industry Center was established.
• In June, the Shanghai Blockchain Technology Research Center was inaugurated, becoming the first provincial-level government blockchain research center in the country.
• In September, Yangpu District issued 12 policies to support the development of the Blockchain industry.

Although the lack of early policies has led to Shanghai lagging behind in terms of the number of Blockchain companies and patent applications, the Blockchain industry is still in its early stages, and Shanghai is expected to seize development opportunities through policy support.

Guangzhou: Industry First, Policy Follow-up

Guangzhou is one of the cities in China that has introduced the most blockchain policies, mainly focusing on the financial sector. The development model of blockchain in Guangzhou is industry-first, with policies following.

• In July 2017, Guangzhou established the first Blockchain Industry Association.
• In October 2017, Guangzhou established a Blockchain Innovation Base.
• In December 2017, Guangzhou introduced the first Blockchain industry support policy.

With ongoing policy support, Guangzhou has over 6,000 blockchain enterprises, ranking first in the country. In May 2018, Guangzhou further introduced detailed regulations for blockchain industry development. This October, the Guangzhou Development Zone announced it would launch a new version of "Blockchain 10 Articles", aiming to foster 3-5 blockchain unicorn enterprises.

Shenzhen: Showcasing Ambitions as a Financial Technology Center

Shenzhen is at the forefront of blockchain policies, having released multiple documents supporting blockchain from 2016 to the present. In terms of the agencies that issue these policies, Shenzhen's blockchain policies are primarily published by the Financial Office and other finance-related departments, demonstrating Shenzhen's determination to develop financial technology.

Under the guidance of policies, Shenzhen is at the national leading position in the application of Blockchain in financial scenarios such as cross-border payments and electronic invoices. Shenzhen has also launched a large-scale fiscal subsidy policy, including financial innovation awards, Blockchain project funding, etc.

Clear policy directions and substantial financial support make Shenzhen an exciting prospect for innovation in blockchain finance. With the development of financial technology, Shenzhen is expected to change its ranking among first-tier cities.

Hangzhou: Policy Guidance, Application Oriented

Hangzhou, with its foundation in the internet industry, formed a complete industrial chain layout in the early stages of blockchain development. The Hangzhou government paid early attention to blockchain, with an open policy attitude:

• At the end of 2016, Zhejiang Province proposed to gather Blockchain and other financial technology enterprises.
• In April 2017, Hangzhou hosted the first government Blockchain summit and launched the first Blockchain industrial park.
• In December 2017, Hangzhou listed Blockchain as a key industry for future development.

The policy guidance in Hangzhou mainly focuses on industrial agglomeration, and the scale of financial subsidies is not as large as in other cities. However, relying on existing advantages, Hangzhou has formed a relatively mature Blockchain enterprise ecosystem, with 55 Blockchain companies as of August 2018.