The Ministry of Industry and Information Technology China has released a publication written in response to a proposal — Promoting the Development of web3 Industry — submitted by Member Wu Jiezhuang.
Wu Jiezhuang is a Member of the National Committee of the Chinese People’s Political Consultative Conference. The member proposed strengthening the research of web3, strengthening technical supervision, and its management. Also, the member suggested that international cooperation should be encouraged, adding that publicity and promotion in this area should be strengthened.
The Ministry acknowledging the importance of web3 development stated that, “At present, [the] country has a good industrial foundation and broad development space for the development of Web 3.0,”
Specifically, it highlighted that the policy environment of the country is continuously optimized, and technological exploration is progressive. Additionally, the country has a rich application scenario such as web3 applications, and a steady promotion of standard development.
Further, the Ministry disclosed the next steps in response to the proposal, highlighting a collaborative interaction that will promote web3 innovation and “high-quality” development.
Among the first things to do is to formulate a web3 development strategy document that is in line with the country’s national conditions, the Ministry said.
Next is to support web3 research and institutions in a way that will result in “breakthroughs in key core technologies in cross-chain, privacy computing, smart contracts, etc.” Also, there will be an international collaboration, as well as building and cultivating talents.
Finally, the Ministry said it looks forward to publicizing web3 to create awareness and help the public understand web3. It also mentioned it will “promote application pilots such as distributed digital identity (DID), explore institutional and individual web3 digital identity authentication and digital asset management systems,” among other steps.
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