China is making a significant push to strengthen Web3 technological innovation with a comprehensive four-step approach, aiming to boost the global crypto industry. The Chinese market, known for its considerable influence on the Web3 ecosystem, has historically impacted crypto asset prices with its strategic decisions.
The plan, proposed by Wu Jiezhuang of the CPPCC National Committee, received support from key Chinese ministries, including the Ministry of Science and Technology, the Chinese Academy of Sciences, and the China Association for Science and Technology. Their collective goal is to propel Web3.0 technological innovation and high-quality industrial development.
The four strategic steps include:
Improving top-level design and intensifying the investigation and development of Web3.
Bolstering technical research and supervision.
Facilitating international exchanges and cooperation.
Enhancing technology publicity and promotion.
This initiative not only aims to support industry participants in the research and development of Web3 technologies but also to encourage the growth of non-fungible tokens (NFTs) and decentralized applications (dApps).
However, it's important to note the historical impact of China's policy decisions on the crypto market. For instance, in May 2021, China's ban on financial institutions' crypto services and crackdown on the crypto mining industry led to a significant market crash, highlighting the country's powerful role in the global crypto landscape
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.