Shanghai has unveiled a new five-year plan to grow its digital economy, with a primary focus on blockchain adoption and AI infrastructure.
Key facts
- •Shanghai's new five-year plan aims to boost its digital economy to compete with Beijing and Shenzhen.
- •Blockchain adoption is the only mandatory target among 11 goals in the municipal plan.
- •The city aims for 100 percent blockchain adoption across key industries by 2030.
- •The plan includes initiatives to build a 'digital intelligence foundation' through improved computing power and communication infrastructure.
- •Blockchain applications are targeted for financial services, shipping, logistics, and green initiatives.
The Shanghai municipal government released a new five-year plan on Wednesday aimed at strengthening the city's digital economy. The initiative focuses on expanding blockchain technology and enhancing AI infrastructure to improve the city's competitiveness against other Chinese tech hubs like Beijing and Shenzhen.
By the numbers
Blockchain Adoption Targets
Blockchain technology is central to the city's strategy, serving as the only mandatory target among 11 goals outlined in the policy. The plan states that blockchain use cases covered 60 percent of the economy by 2025, with a goal to reach 100 percent adoption across key industries by 2030. These applications are intended for sectors including financial services, shipping, logistics, and green initiatives.
Infrastructure and Strategic Goals
Beyond blockchain, the city aims to establish a 'digital intelligence foundation' by developing future communication infrastructure and increasing computing-power offerings. Peng Peng, executive chairman of the Guangdong Society of Reform, noted that Shanghai is positioned to serve as a hub in a national blockchain network due to its economic scale, data volume, and digital industrial base.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by SCMP Business.
