Сhina blockchain internationalization opportunities: economic and technological sides

Abstract

Purpose: is to study and analyze the rapid development of the practical application of the blockchain in the economy of the PRC. The Chinese government keeps pursuing a policy of intensive introduction of the technology in manufacturing and trade, what could become a determining factor in interaction with partner countries.Methods: the paper is based on a comprehensive and systematic analysis of the strategy for the development of blockchain technology in China, as well as an analysis of the intermediate results of the phased introduction of technology into the national economy of the country.Results: the Chinese government is aimed at large-scale implementation of blockchain solutions in the country's economy as part of the measures to intensively develop the «digital economy» and strengthen their leading position in the global economy. China demonstrates its strong intention to participate at first-hand in setting standards and rules for blockchain technologies in the field of finance and international trade through the internationalization of national blockchain technologies, including the digital yuan, in cooperation with partner countries and trade associations.Сonclusions and Relevance: the formation of China's economic regional and global is due to the strengthening of the national economy, its resilience and ability to recover quickly, and intensification its position in world trade. At the same time, the intensive development of blockchain technologies in China, pushing the technology into the national economy and state support determine the strengthening of leading positions in the technological field. To accelerate the internationalization of its blockchain solutions, the Chinese government, on the one hand, relies on the proposed solutions innovativeness and exclusivity, on the other hand, takes measures at the political and diplomatic levels to foster it.