In a progressive move toward the future of technology, China's Ministry of Industry and Information Technology has publicly endorsed and pledged support for the development of Web3, metaverse technologies, non-fungible tokens (NFTs), and decentralized applications (dapps). This response comes in reaction to a proposal presented by Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference.

The Ministry's recognition of the proposal, titled "Proposal on Promoting the Development of Web3 Industry," signifies a significant shift in China's stance on emerging technologies, particularly in the wake of the 2021 blanket ban on cryptocurrencies. The acknowledgment extends to the alignment of Wu's suggestions with the Ministry's strategic direction, emphasizing the importance it places on the development of the Web3 industry.

Positive Steps Already Taken:

Despite regulatory challenges, the Ministry has already undertaken several measures to support the burgeoning Web3 industry. Policies such as the Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development have been issued jointly with the Cyberspace Administration of China. The National Standardization Committee collaborated with the Ministry to establish the National Blockchain and Distributed Accounting Technology Standardization Technical Committee.

Research institutions within China are actively exploring various Web3-related technologies, including metaverse and NFTs. The Ministry's endorsement of data institutions, such as the Beijing International Big Data Exchange and the Shanghai Data Exchange, demonstrates its commitment to providing a robust environment for testing applications.

Future Steps Outlined by the Ministry:

The Ministry outlined a comprehensive four-step plan in response to Wu's suggestions, aiming to propel Web3 innovation and ensure high-quality industrial development:

Improving Research and Formulating Development Strategy:

Focus on key areas such as government affairs and industry.

Encourage the development of new business models like NFTs and DApps.

Accelerate the innovative application of Web3.0 and the construction of a digital ecosystem.

Strengthening Technical Research and Supervision:

Support breakthroughs in key core technologies such as cross-chain, privacy computing, and smart contracts.

Involve enterprises, universities, and research institutions in achieving these breakthroughs.

Carrying Out International Exchanges and Cooperation:

Closely follow international trends in Web3 from political, industry, academic, and research circles.

Increasing Publicity and Promotion:

Improve public understanding of Web3.

Promote application pilots, including distributed digital identity (DID).

Form demonstration projects and build a technology and industrial application exchange platform.

This strategic response from China's Ministry of Industry and Information Technology not only underscores a shift in approach but also reflects a proactive stance in aligning with global trends in the blockchain space. The move is expected to foster innovation, collaboration, and growth within the Web3 sector, marking a significant milestone in China's technological evolution.