Digital economist Chen Xiaohua: Blockchain lays a solid foundation for the development of the “14th Five-Year” digital economy

At the China Big Data Application Conference and Web 3.0 China Summit, digital economist Chen Xiaohua said that blockchain technology is an important driving force for promoting high-quality economic development, efficiency changes, and power upgrades, and it is also a new round of global industrial competition. Commanding heights and promoting the revitalization of the real economy and accelerating the transformation and upgrading of new momentum.

In addition, in order to consolidate the foundation of blockchain technology to empower the development of the digital economy industry, Chen Xiaohua put forward ideas from five dimensions.

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The following is the original text of the speech.

Dear leaders, experts, gentlemen and ladies, good morning!

I am very happy to participate in the “China Big Data Application Conference and Web 3.0 China Summit”. First of all, on behalf of the China Mobile Communications Federation Blockchain Professional Committee, I would like to extend my warm congratulations on the opening of the forum.

In today’s world, the technological and industrial revolutions are changing with each passing day, and the digital economy is developing vigorously, which profoundly changes human production and life styles. As General Secretary Xi said, standing at the crossroads of historical progress, we should recognize the general trend of the world, grasp the economic pulse, and define the future Direction, answer the proposition of the times.

On October 24, 2019, General Secretary Xi Jinping emphasized that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation when presiding over the 18th collective study conducted by the Political Bureau of the CPC Central Committee. In 2020, blockchain technology will be incorporated into the new infrastructure. At the two sessions this year, blockchain was included in the key development industry of the “14th Five-Year Plan”. Last month, the Ministry of Industry and Information Technology and the Central Cyberspace Administration of China issued guidance on accelerating the application of blockchain technology and industrial development, aiming to promote the deep integration of blockchain and the economy and society.

The digital economy takes digital knowledge and information channels as the key production factors, digital technology as the core driving force, and modern information networks as an important carrier. Through the deep integration of digital technology with the real economy and the financial industry, the digitalization and networking are continuously improved. The level of intelligence will accelerate the reconstruction of new economic forms of economic development and governance models. Blockchain technology is an important driving force that promotes high-quality economic development, efficiency changes, and power upgrades. It is also the commanding height of a new round of global industrial competition and a new driving force that promotes the revitalization of the real economy and accelerates transformation and upgrading.

In order to consolidate the foundation of blockchain technology to empower the development of the digital economy industry, it should be conceived from the following five dimensions:

From a technological perspective, it is necessary to use blockchain technology and cloud computing, AI, 5G, big data and other new-generation information technologies as infrastructure support to build a technology chain for exploring the deep integration of various industries and new-generation technologies.

From an industrial perspective, it is necessary to use the deep integration of blockchain and industry to develop, empower the real economy, build an “industrial chain”, open up industrial data, and help enterprises to digitally transform.

From the perspective of value: use blockchain to empower big data, use the role of data elements, make use of the value of data, conduct data transactions, digital assetization and other means, reconstruct business models, and solve small and medium-sized enterprises’ financing difficulties and high customer acquisition costs problem.

From the perspective of the supply side, blockchain should be used to open up data islands in industries, products, logistics, payments, finance, etc., to form a data-sharing supply chain.

From a financial perspective, the digital financial attributes of the blockchain can be used to build an Internet of Everything Value through the pass model and trust mechanism, and in-depth collaboration with banks, securities, funds and other institutions in the future to build a financial chain and promote digital New heights of economic development.

Finally, I wish this forum a complete success, thank you all.

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