Chinese President XI Jinping (Xi Jinping) has mentioned blockchain technology in his speech at the opening of the annual joint conference of the Chinese Academy of Sciences and Chinese Academy of engineering.

Turning to the scientific elite of China, the President noted that “the new round of scientific and technological revolutions and changes in the industrial sector was reconstructed a global map of innovation and have transformed the global economic structure”.

“A new generation of information technology represented by artificial intelligence, quantum information, mobile communication, IOT and blockchain accelerates breakthrough in the field of application and creates new areas of life science, namely, synthetic biology, genetic engineering, neuroscience and regenerative medicine,” said si.

It is worth noting, in a rather lengthy speech that was the only mention of the blockchain, however, you need to keep in mind what is said about China, which banned the trading in cryptocurrencies in tandem with the Renminbi, recognised unlawful and the ICO continues to tighten policy towards cryptocurrency market, including the suppression of the exchanges operating in the OTC model, ICO and foreign traders that use foreign exchange.

In addition, as you know, the Chinese authorities have a policy of protectionism, often closing its market to foreign suppliers: a ban were even French cheese. Of course, the chosen model affects the interests of the rest of the world and foreign companies in the sphere of digital technologies — including.

It is noteworthy that even at this time the Chairman emphasized that this refers to “innovation and science with Chinese characteristics”.

We will note, to a certain extent the model really “worked”: Chinese Internet giants currently bring a huge profit. The peculiar role played by the lack of the necessary banking infrastructure, which led to a real breakthrough in the field of digital payments: basically, we are talking about services WeChat or AliPay.

Tencent and Alibaba, have developed these services could go beyond the boundaries of China, as Apple Pay has not yet been able to win a lot in the payment space applications. Plus is also working with contactless cards, which is much easier than scanning a QR code or a smartphone, requiring an additional step, namely the application to run.

However, we should not forget that China is still a developing country, where there are skyscrapers but not yet falling levels of poverty.

It is no secret that in order for innovation to flourish, need an adequate level of freedom that is not necessarily the same as democracy, but public service should be accountable to the public, and decisions should be made through open discussions on the basis of certainty and clarity in legislation.

Still Chinese citizens often see on their screens a 404 error trying to go to the web page, which is not allowed by a strict censorship, and cryptocurrency exchanges and business representatives associated with the new assets, are ordered to cease their activities.

On the other hand, China is really rich, and one of its main wealth — the citizens, among which, as in any other country in the world, many enterprising and creative.

Thus, “innovation with Chinese characteristics” are implemented differently. While the people’s Bank of China “resolves cryptocurrency activities” in the country opened $1-billion Fund for the blockchain initiatives and another exchange-traded Fund for those who believe in the future progress of China in the field of blockchain.