China Proposes National Blockchain Network and Data Market Reforms

Key Insights:

• China’s 19-measure policy calls for a national blockchain network and an integrated computing network.
• China plans data-market trials and new rules for ownership, transactions and cross-border data flow in its digital push.
• China’s digital yuan network now has 30 approved banking operators after the central bank added eight lenders in August.

China has proposed a national blockchain network as part of a new plan to connect digital technology with the wider economy. The proposal appears in a policy document containing 19 measures that Chinese authorities released on October 9.

The document also calls for a nationwide computing network and changes to rules governing data ownership and trading. Officials want businesses to adopt digital systems while developing a more organized market for data.

The Communist Party of China Central Committee and the State Council included the blockchain proposal in a broader program for industrial and technology development. The policy calls for a national blockchain network alongside an integrated computing power network.

Authorities also plan to improve national data infrastructure and its daily operation. The document does not provide a launch date, a budget or technical details for the proposed blockchain network. The proposal also leaves open how government bodies and businesses would gain access to the proposed network in practice.

The same measures cover manufacturing upgrades and wider use of industrial internet systems. China plans to advance its East Data, West Computing program, which directs computing resources toward western regions.

Officials also want companies to use smart manufacturing tools and expand production that relies on digital technology. The policy calls for digital industry clusters that can compete internationally, with support for both technology providers and manufacturers adopting their services.

China also wants clearer rules for data ownership, market transactions, and the distribution of benefits from data use. The new policy directs authorities to improve protections for participants in the data economy. The Blockchain news calls for trials that treat data as an economic resource and test how organizations can exchange or use it under defined rules.

The document separately calls for an open, shared and secure national data market. Authorities also intend to develop mechanisms for cross-border data transfers while maintaining security controls.

These proposals cover the movement and commercial use of data rather than cryptocurrency trading. China has not announced detailed operating rules for the blockchain network or explained how it will connect with the proposed data market.

Chinese financial authorities have already encouraged blockchain applications in banking. In April, the State Administration of Taxation and the National Financial Regulatory Administration urged banks to improve tax-data sharing with businesses and government agencies.

Their guidance included blockchain technology as a tool for exchanging information. The agencies also encouraged better credit assessment and loan processes for smaller companies that comply with tax requirements.

China has continued expanding its digital yuan system through separate banking measures. On August 17, the People’s Bank of China approved eight additional operators, bringing the network’s total to 30. The new participants included Ping An Bank, Bank of Shanghai and Bank of Hangzhou.

Each institution must complete the necessary business and technical preparations before offering customer services. The digital yuan expansion and the proposed blockchain network remain separate initiatives.

Provincial authorities are also considering new uses for the digital yuan. In August, Guangdong proposed cross-border payment trials in its free trade zone development plan for 2026 through 2030.

The draft covers offshore finance, supply chain financing, and accounts that support multiple currencies. Officials sought public feedback before completing the regional plan.

China continues to restrict cryptocurrency activities despite its support for blockchain infrastructure. Regulators reinforced controls over virtual currency businesses, mining, and certain tokenized products in February.

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