The Blockchain factor in China’s Hainan as a free port strategy | Coin Hero
Hong Kong’s new competitor, is using the Blockchain technology sent
Xinhua News reported on 01.06.2020, China’s authorities have presented their master plan for the construction of the largest special economic zone (SEZ) in the province of Hainan. The country would like to leave from the island of Hainan, a free-trade port of world-class level. The focus is on the escalation of the development of its financial market through the free trade on the one hand, and investment, as well as cross-border capital flows around the island on the other.
The responsible published the announcement in a Moment, as China’s largest free trade centre, Hong Kong is under the burden of U.S. threats, with a view to a possible withdrawal of special privileges. Hainan is China’s answer because of the present concerns about the future Status of Hong Kong as an international financial centre.
One of the key strategies of the Chinese government in Hainan is the use of the Blockchain for the reform and promotion of the administrative functions. The authorities believe that modern technologies such as the Blockchain could make a contribution to the development of a comprehensive, standardized and effective system for the control of the free-trade port.
“We should be the role of modern information technology such as Big Data and Blockchain into full play. The standardization of the management of the services across platforms, the Reengineering of government processes and the implementation of the administration service is part of. Also it is a proper exchange of data u strengths and the level of administrative service and leadership to improve“, added the responsible addition.
Last December, the free-trade zone, Hainan (FTZ) announced the equivalent of 142 million US dollars to “support the Blockchain-industry through the promotion of talent, technological applications, social investment and other aspects”. China pledged in addition to applications of the Blockchain technology in the areas of certifications, IP transactions, and more strengths. The country wants to use the technology to explore new models for the development of free trade ports.
The decision to develop the whole of the southern island of Hainan as a free trade zone, announced in 2018, China’s President Xi Jinping. Since then, noticed China’s richest man, Jack Ma, last year, Hainan had to Hong Kong in the “Business Leaders ‘Advisory” “overtake” . Hong Kong is known for its free Capital convertibility and hedging mechanisms. This is the metropolis makes it the ideal location for short-term investments with potentially high returns. In contrast, Hainan will be developed in an open financial market that aims to attract long term foreign investors on the Chinese mainland market tightening.
The Plan of China’s Central Committee of the Communist party and the competent city Council says the free port of Hainan island was likely to occur by 2025, and its full maturity until 2035 to have reached.
