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HomeBusiness NewsHainan Province to...

Hainan Province to Invest 1 Billion Yuan in Blockchain Industry

Hainan Province announced a new series of economic measures that include investing 1 billion yuan to promote blockchain industry development, according to a report from state-run media outlet Xinhua. The announcement was made in a press conference in Haikou on Wednesday.

The investment will reportedly target development in the blockchain pilot zone.

The government has pledged to provide support for the area’s blockchain sector, focusing on issues like cultivation of new blockchain talent, applications for the technology, and social investment.

Wang Jing, head of Hainan Provincial Department of Industry and Information Technology, addresses the Digital Civilization Conference Launch Event in Hainan Resort Software Community (RSC), south China's Hainan Province. /Photo courtesy of RSC
Wang Jing, head of Hainan Provincial Department of Industry and Information Technology, addresses the Digital Civilization Conference Launch Event in Hainan Resort Software Community (RSC), south China’s Hainan Province. /Photo courtesy of RSC

At the press conference, Ministry of Industry and Information Technology head Wang Jing noted that the blockchain pilot zone is the first of its kind to be authorized by Chinese authorities.

With the investment, industry within the zone is expected to develop new applications for blockchain technology use in housing, tourism, trade, and healthcare.

The investment pledge came on the same day that the Hainan Resort Software Community (RSC) internet industrial park released its (SSC+) Secure, Sharing, Compliance action plan. The pilot zone has so far accommodated more than 100 blockchain organizations and companies and is one of the fastest-growing blockchain clusters across the country.

The plan is designed to facilitate rapid integration of blockchain and other emerging technologies with big data, as China continues its effort to achieve cutting-edge technology.

It will help facilitate the construction of the pilot FTZ with free flow of personnel, goods, capital and convenient flow of data, according to a press release.

Hainan blockchain pilot zone and Dubai blockchain center of the United Arab Emirates sign the strategic cooperation. /Photo courtesy of RSC
Hainan blockchain pilot zone and Dubai blockchain center of the United Arab Emirates sign the strategic cooperation. /Photo courtesy of RSC

The SSC+ has attracted attention overseas, as the Dubai Blockchain Center signed an agreement of strategic cooperation with the blockchain pilot zone on Wednesday.

The Ministry of Industry and Information Technology has issued an implementation plan to support Hainan with the construction of the pilot FTZ and a free trade port with Chinese characteristics, which covers 17 specific areas including the development of the blockchain industry.

Professor Bill Roscoe, director of University College Oxford Blockchain Research Center, delivers a speech at the Digital Civilization Conference Launch Event in Hainan Resort Software Community (RSC), south China's Hainan Province. /Photo courtesy of RSC
Professor Bill Roscoe, director of University College Oxford Blockchain Research Center, delivers a speech at the Digital Civilization Conference Launch Event in Hainan Resort Software Community (RSC), south China’s Hainan Province. /Photo courtesy of RSC

On that same day, the Oxford-Hainan Blockchain Research Institute, co-founded by Hainan RSC Park and Oxford University Blockchain Research Centre, was unveiled.

The Park also partnered with Renmin University in China, supervised the Science and Technology Laboratory, and announced the “Blockchain Institutional Innovation Center” initiative.

Hainan approved the establishment of the Hainan Free Trade Zone (Port) Blockchain Pilot Zone on September 30. It encouraged the pilot zone to conduct bold research, dare to break through and reform the industry, actively promote institutional innovation and industrial innovation, and cultivate new industries.

Yang Chunzhi, Chairman and General Manager of Hainan RSC Park, said that relying on the strong foundation of the park’s ten-year development, Hainan Free Trade Zone (Port) Blockchain Pilot Zone would be promoted through the model of “foundation + fund + congress”, and a conducive environment would be constructed from the perspective of industrial ecology and industry norms.

Wang Jing, Director of Hainan Provincial Bureau of Industry and Information Technology, said that the pilot area should gather the world’s top talent in blockchain; explore the application of blockchain technology in cross-border trade, cross-border payment, inclusive finance, credit evaluation and other fields.

These should be accomplished based on the ideas of first-mover motivation to cultivate new formats of blockchain, and by working with top scientific research institutions and regional partnerships at home and abroad. Enterprises in RSC Park have developed in-depth cooperation to establish the blockchain pilot area, explore system innovation, plan a number of application demonstrations to promote industrial development, and cultivate and build blockchain industrial clusters.

About Oxford (Hainan) Blockchain Research Institute Co. Ltd

About Oxford (Hainan) Blockchain Research Institute Co. Ltd

The Oxford-Hainan Blockchain Research Institute is also located at the Hainan Resort Software Community, and is closely associated with University College Oxford Blockchain Research Centre, both being led by Professor Bill Roscoe of University College Oxford.

The Institute aims to promote the application of blockchain technology, and to cultivate and develop an entirely new industry empowering China’s new generation of information technology supporting the concept of Digital Civilisation.

In this Institute, professors and other researchers from various international universities collaborate on the broad topic of digital civilisation. These universities include Oxford, MIT, ETH Zurich, Tsinghua, Shanghai Jiaotong University and the University of Zagreb.

It is located in the first officially licensed Blockchain Experimental Park in China, within the Hainan free trade zone. This, and the partnership with the Oxford Institute, will focus on solving blockchain problems such as regulation, smart contracts, KYC, trust and environmental issues.

It is part of a group whose aim is to bring blockchain to the mainstream.

The Institute will be associated with a technology service provider, an incubator for spinouts and a centre for education and training. All of these will be located in the same building in Hainan and will be associated with similar organisations.

Related article: Switching between telecom networks in China to be made easier by end of this month

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New Duty-Free Pickup Point for Rail and Ferry Travelers Opens at Haikou South Port

In a move aimed at supporting the development of the Hainan Free Trade Port as an international tourism and consumption centre, the duty-free pickup point for travellers departing Hainan Island by rail and, or, ferry will open on March 23rd at Haikou South Port (海口南港), according to the Hainan Daily.

Haikou’s Marine Economy: A Spatial Breakdown of the 11 Key Industries

March 1st, the Haikou Municipal Natural Resources and Planning Bureau issued the "Industry Map for Innovative Development of Haikou's Marine Economy, the goal of which is to set the direction for future development as well as coordinate the spatial layout of the city's marine industry, accelerate the upgrading and adjustment of the industry, promote precise investment attraction and project implementation, and support the development of regional marine industry brands.

Building Bridges: Foreign Talent Open Day Explores Opportunities for Hainan Free Trade Port and Jiangdong New District

On February 28th, the Haikou Jiangdong New District Management Bureau and the Haikou Foreign Experts Bureau jointly hosted a Foreign Talent Open Day event in Haikou Jiangdong New District. Amidst the rich aroma of local Hainan coffee beans, foreign talents from Hong Kong, Europe, North America, and Southeast Asia shared their vision and hopes for studying, working, and developing in the Hainan Free Trade Port.

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Updates on the Boao Forum for Asia 2021 Annual Conference set for April 18 to 21

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Extreme Weather Warning, Temperatures of 38 Degrees Expected Today in Haikou

Hot! Hot! Hot! The temperature is expected to reach a high of 38℃ in Haikou today, with an orange warning for high temperatures in effect. This is the first warning of its kind this year and is expected to continue until tomorrow.

Announcement on the Introduction of “Guarantee and Instant Pick-up Delivery Methods” for Duty-Free Shopping on Hainan Island

In an effort to enhance the duty-free shopping experience for island-bound tourists, Hainan Island has introduced that the "Guarantee Delivery" and "Instant Purchase and Pick-up" methods are now available for tourists purchasing duty-free goods from Hainan's duty-free shops.

New Duty-Free Pickup Point for Rail and Ferry Travelers Opens at Haikou South Port

In a move aimed at supporting the development of the Hainan Free Trade Port as an international tourism and consumption centre, the duty-free pickup point for travellers departing Hainan Island by rail and, or, ferry will open on March 23rd at Haikou South Port (海口南港), according to the Hainan Daily.

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