Saudi Press

Saudi Arabia and the world
Monday, Sep 29, 2025

Chinese President Xi Jinping calls for more research, investment into blockchain technology

Greater effort should be made to strengthen basic research and boost innovation capacity,’ leader tells Communist Party’s elite. Technology can be used to ‘empower industries, increase efficiency and lower costs’, industry expert says

Chinese President Xi Jinping has appealed for greater urgency in the development of blockchain technology in a move analysts say could open up a new front in the country’s growing rivalry with the United States.

As general secretary of the Communist Party of China Central Committee, Xi chaired a meeting on the subject with senior cadres.

Blockchain would play “an important role in the next round of technological innovation and industrial transformation”, Xinhua quoted him as saying at a group study session for members of the Politburo on Thursday.

As such it should be made a key part of the country’s innovation programme, and investment in the sector should be increased, he said.

“Major countries are stepping up their efforts to plan the development of blockchain technology. Greater effort should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”

Xi said blockchain technology could be applied to many different fields, including finance, education, employment, elderly care, poverty alleviation, health care and food security, infrastructure management and public services.

Blockchain is a form of encrypted ledger. With each transaction, the chain grows but all previous records are stored and are verifiable.

Jenny Yang, the founder of BlockGlobe – a portal for news on blockchain and related sectors – said the technology could be used, for instance, to provide evidence of a company’s business operations, which in turn could help it to secure financing and reduce the risks faced by lenders.

The technology behind such “immutable records” is already being used to track and trace the supply of food – from farm to store – by simply scanning a quick-response code.

“The technology could empower industries, increase their efficiency and lower their costs,” Yang said.

A number of developers in China are working on creating the basic blockchain solutions for different industries, and according to a report by The Financial Times, Chinese companies have filed more patents on blockchain than anywhere else in the world.

Xi said China should step up the standardisation of blockchain to increase its influence and “rule-making power” in the global arena.

“Just like the Belt and Road Initiative’s railways and power grids, and Huawei’s 5G telecommunications networks, standardised blockchain solutions are a kind of basic infrastructure for future global economic activities,” Yang said.

“When Europe, Asia, even the US, have to turn to the Chinese for such solutions, there might be more Huaweis emerging.”
The US and China are already engaged in a tech war over companies like Huawei, and any advancement of China’s expertise in blockchain could open up a new front in the conflict, analysts said.

Meng Yan, deputy head of the of Chinese Institute of Digital Assets, said Xi’s remarks could spark a race to become the global leader in the digital economy.

“We are in the middle of a digital arms race,” he said in a recent article.

At the Politburo meeting Xi did not mention cryptocurrency – the best known application of blockchain technology. China has banned bitcoin and all other cryptocurrencies.

But the issue should be of interest to Beijing’s policymakers, especially with Facebook’s planned launch of its Libra digital currency next year. Were it to take off on a global scale there would be very little room for China to launch a rival, Yang said.

“Money issuance, even on the internet, is a matter of state sovereignty. China cannot afford to concede or lose,” she said.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
×