New policy strives to develop blockchain technology in Changsha

A policy supporting the blockchain industry was recently issued by the Changsha Economic and Technological Development Zone to attract blockchain enterprises to the Xingsha Industrial Base in Changsha county.

The special support policy is currently the most effective in the blockchain industry. It proposes setting up an industrial fund of 3 billion yuan ($450 million) to invest in blockchain enterprises and clearly lays out the terms for obtaining cash awards related to nurturing, innovation, finance, and talents.

Newly established or newly arriving enterprises and institutions will be given a support fund of 2 million yuan, free office space for three years, and subsidies on financial institution loans.

The policy is applicable to blockchain enterprises and institutions that are independent legal entities, have independent accounting, have a registered capital of more than 2 million yuan, that keep their commerce, taxation, and statistics within the Changsha Economic Development Zone and that sign a five-year agreement with Xingsha Industrial Base.

Government leaders in Changsha county based the new policy on the 2018 White Paper on China's Blockchain Industry, which was released by the information center of the Ministry of Industry and Information Technology on May 20.

Zhang Qinghong, deputy chief of the Changsha National Economic and Technical Development Zone Party Working Committee and deputy director of the zone's management committee, explained that the intention of the new policy is to accelerate real-world applications of blockchain technology and boost the development of traditional industries.

Xingsha Industrial Base built the first doctor innovation and entrepreneurship park in Hunan province in March 2017. Huang Shiwei, deputy chief of the Xingsha Industrial Base Party Working Committee and deputy director of the base's management committee, said that the park will become a hi-tech industrial park within five years, and will focus on emerging industries such as big data, cloud computing, intelligent manufacturing, and new energy.

Mao Chunlin, director of the investment department of Xingsha Industrial Base, said that after the implementation of the new policy, more than 30 interested blockchain companies began negotiations.

In the future, blockchain industries are expected to grow in Changsha and around the entire province as blockchain technology continues to integrate with real economy industries.