China Releases White Paper for Web3 Development and Innovation

The Chinese government appears keen to embrace the potential of digital currency-related segments.

China Releases White Paper for Web3 Development and Innovation

Beijing’s municipal government has unveiled a white paper intending to foster innovation and development of the Web3 industry. The paper dubbed “Web3 Innovation and Development White Paper (2023)” was revealed by the Beijing Municipal Science and Technology Commission (Zhongguancun Chaoyang Park).

According to The Paper, the document emphasizes Web3 technology as an “inevitable trend for future Internet industry development.” This document includes a systematic analysis and elaboration of the connotation of Web3, the system structure, the current situation of development in Beijing, and development suggestions.

In addition, the white paper areas of fundamental research in the web3 industry, including artificial intelligence (AI), XR interactive terminals, and content production tools.

The director of Zhongguancun Chaoyang Park management committee, Yang Hongfu revealed with the goal of establishing Beijing as a globally known digital economy innovation hub, the commission plans to allocate at least 100 million yuan annually until 2025.

However, to establish an exceptional Web3 environment, there is a need for policy changes and development challenges:

“The white paper proposes that the current development of the Internet 3.0 industry in Beijing still faces challenges in terms of technical and talent support capabilities, industrial chain integrity, and legal norms based on the analysis and judgment of the status and trends of the Internet 3.0 development.”

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