Beijing’s municipal government has introduced the “Web3 Innovation and Development White Paper” at the Zhongguancun Forum.
Presented by the Beijing Municipal Science and Technology Commission, also recognized as the Administrative Commission of Zhongguancun Science Park, the white paper aims to cultivate innovation and propel the growth of the web3 industry.
Where virtual and real converge
Beijing is currently undertaking a comprehensive set of initiatives to propel the construction of an internet 3.0 ecosystem, focusing on key technologies, common technology platforms, application scenarios, innovation ecology, and supervision.
The white paper emphasizes Beijing’s strong commitment to advancing the internet 3.0 industry, recognizing the city’s advantageous position for driving innovation and development in this cutting-edge field which includes the city’s robust policy framework, combined with a thriving ecosystem of businesses.
During the forum, Yang Hongfu, the director of the management committee of Zhongguancun Chaoyang Park, also announced that Chaoyang District plans to allocate a minimum of 100 million yuan annually in special funds to support the development of the internet 3.0 industrial ecosystem.
The “Three-Year Action Plan for internet 3.0 Innovation and Development of Chaoyang District (2023-2025)” aims to establish Chaoyang District as a prominent national hub for Internet 3.0 industries by 2025.
As stated in the white paper, which recognizes internet 3.0 as a cutting-edge realm of modern science and technology, a future trend in Internet industry development characterized by a highly immersive interactive experience and the convergence of virtual and real elements.
Opening the doors to web 3.0
In a divergence from the United States’ stance on cryptocurrencies, Beijing and Hong Kong are actively attracting crypto companies.
In the U.S., the government is currently intensifying its crackdown on digital currencies, which includes a several enforcement actions by the Securities and Exchange Commission (SEC) against crypto entities including Coinbase and Kraken.
The Biden administration released the “Economic Report of the President.” In it, the report states that cryptocurrency is not a useful technology, pointing focus on related fraud.
Although China had banned cryptocurrency for similar reasons, the recent release of the web3 white paper by Beijing’s municipal government, suggests that China might be signaling a shift towards a more open and accommodating stance on the industry.