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12:12, 22-May-2018
China's IT Ministry: 2017 saw blockchain industry boom in China
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China’s blockchain industry is booming with rapid growth of new startups and investment, a report released by China’s Ministry of Industry and Information Technology showed Monday.
The white paper that surveyed domestic blockchain industry shows that in 2017, 178 new blockchain startups were launched across China, bringing the total number to 456. The number compared with just 31 companies in 2013.
Investment to the industry began to gain steam in 2016, and peaked in 2017, with almost 100 equity financing initiatives reported, more than all those reported between 2013 and 2016. Notably, just within the first quarter of 2018, 68 new financing initiatives have already been reported in the sector.
The paper says that the complete industry chain, ranging from upstream hardware manufacturing and platform service to downstream technology application, has taken shape in China.
The new sector is “boosting” the development of traditional industries by “bringing down costs and improving efficiency”, it says.
Meanwhile, China’s policy and regulatory framework for blockchain has been “gradually improved”. Nonetheless, the paper advises vigilance against the “excessive speculation” and “false propaganda” that may compromise the blockchain space.