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Blockchain Technology in China's Digital Economy: Balancing Regulation and Innovation

Blockchain Technology in China's Digital Economy: Balancing Regulation and Innovation
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Author(s): Poshan Yu (Soochow University, China), Ruixin Gong (Independent Researcher, China) and Michael Sampat (Independent Researcher, Canada)
Copyright: 2022
Pages: 26
Source title: Regulatory Aspects of Artificial Intelligence on Blockchain
Source Author(s)/Editor(s): Pardis Moslemzadeh Tehrani (University of Malaya, Malaysia)
DOI: 10.4018/978-1-7998-7927-5.ch007

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Abstract

Compared with the traditional industrial economy, the Chinese digital economy uses brand-new production factors and production organization methods to bring changes to human society and promote the transformation of the economy. This chapter aims to explore the practical problems of adopting blockchain technology in China's digital economy and study how different cities (managed by various local governments) enhance their unique financial technology ecosystem's economic performance and promote RegTech policy in order to improve the digital economy under the central government's institutional setting. This chapter in turn analyzes the recent cases of blockchain in China's financial industry, compares the application and development of the latest financial technology related policies in major cities, and demonstrates how these regulations can promote the development of blockchain technology in the transformation of China's digital economy.

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