Shanghai Aims To Achieve $446 Bln Digital Economy Through Web 3

Nidhish Shanker
July 13, 2022
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Shanghai Blockchain

The Shanghai Municipal People’s Government laid down its 14th five-year plan for the development of Shanghai’s digital economy. Shanghai is considered the financial capital of China.

The policy paper highlights a roadmap for the development of blockchain technology to power Shanghai’s digital future. It also lays down the government’s plans to construct NFT trading platforms and blockchain business models. 

The policy paper establishes Chinese Premier Xi Jinping’s thoughts on socialism with Chinese characteristics as the guiding principle and calls for deep integration of digital technology and the real economy.

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Shanghai Calls For Web3-Blockchain Integration

Shanghai government calls for Shanghai’s digital economy to reach 3 Trillion Yuan, roughly 60% of the city’s entire GDP. Blockchain digital infrastructure is supposed to be a key part of the plan.

The government explicitly states the support of leading enterprises to explore the construction of NFT trading platforms and work on the digitization of NFT.

The policy paper highlights the importance of integrating blockchain to empower financial applications. It also calls for the establishment of blockchain-based ledgers, blockchain-based end-to-end communications and smart contract systems. 

The paper also calls for progress in Web 3.0 technology in Shanghai. Products like OpenID, distributed data storage, decentralized DNS and end-to-end communication technology are highlighted as important areas of development.

Shanghai plans to build a strong blockchain ecosystem and sustainable blockchain business models.

Recently, Shanghai released another policy paper to cultivate a $52 billion Metaverse industry. That paper also identifies Blockchain and Web 3.0 as important aspects of reaching this goal. 

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China’s Attitude Towards Crypto

On the 24th of September 2021, China’s central bank, the People’s Bank of China, declared all crypto transactions to be illegal. Bitcoin’s price fell by more than $2,000 as a result of China’s crackdown. 

However, in January of 2022, China declared that while crypto transactions would still be illegal, they would go all-in in NFTs. Blockchain Services Network, a Chinese state-backed company, announced its plan to build an NFT marketplace.

Recently, a Chinese Communist Party newspaper warned that the prices of cryptocurrencies would go down to zero.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society's biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.