The annual sessions have finally begun by the National People’s Congress, China’s parliament, and Chinese people’s Political Consultative Conference. These sessions are referred to as the “two sessions” or “lianghui” meetings and these meetings are going to start from May 22, 2020. The top legislative body of China is the National People’s Congress or NPC.

Over 3,000 delegates across the nation have to meet once a year to come forward with proposals for submission during the meetings. As per a Beijing News report published on May 23, 2020, Jeiqing Tan, deputy to the NPC mentioned about creating a special fund for blockchain industry development. In case if it gets accepted, this fund would be commanded by the government. The fund aims to contribute to the development and growth of several promising blockchain enterprises, encouraging blockchain technology innovation, and nurturing several unicorn enterprises in the blockchain space, mentioned Tan.

Smart governance through blockchain

Tan firmly believes that by providing support to the development of the blockchain industry, it will be able to modernize the nation’s governance system. Blockchain technology is not only the best toll to keep China in the direction of smart governance and a high-trust society, but it will also be helpful for China to have the upper hand across the world in the future development of the technology.

He believes that taking this technology ahead would lead to innovation, China will be able to protect its sovereignty and national security.

Tan mentioned the national blockchain industry development plan which is defined. He said that from the beginning of the technology standard, middle industry application development to the leading system design, the national blockchain technology, industry, and supervision three-dimensional strategic planning system need to be well-coordinated. To be updated about the latest news and updates related to Blockchain technology, you can always have a conversation with the team of elite professionals who are there to guide you. You can always call on Blockchain helpline number which is always functional.

Current challenges and initiatives 

As per the new economic potential and employment opportunities that come from blockchain technology is huge. Though Tan targeted the present number of limited blockchain enterprises, its scalability and lack of talent and information have been the main issue refraining the blockchain ecosystem from building a well-established ecosystem. As per the Cointelegraph’s previous reports, the central bank of China secured $4.7 million in funding for its blockchain trade platform for the next three years.

The tax bureau of Beijing mentioned its blockchain invoicing pilot application for more eco-friendly, accessible, and crystal clear future governance. Whenever you are surrounded by such issues and need solutions related to queries, always contact the team of elite professionals who are one call away from you and ready to provide the best assistance. You need to call on Blockchain customer care number which is always functional and the team is always there to handle all your issues in a fraction of time. Connect with the team and gain high-quality results.