China’s 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 the Hainan capital, Haikou on Wednesday.
The investment will reportedly be used in Hainan’s pilot free trade zone (FTZ) and will target development in the area’s 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.
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 Secure, Sharing, Compliance action plan. That plan is designed to facilitate rapid integration of blockchain and other emerging technologies with big data, as China continues its effort to achieve supremacy in cutting-edge technology.