Beijing Surpasses Shenzhen as China’s Top Blockchain City

Beijing has become China’s top blockchain city in the 2020 Chinese Blockchain Innovation Rankings, ahead of the blockchain hub of Shenzhen.

With a score of 99.82 points, Beijing came in first in the rankings, while Shenzhen — a city with more than 5,000 blockchain firms — lagged behind with a score of 91.2, according to Finance China.

Beijing ranking

The announcement of the rankings came in a special session at the China International Fair for Trade in Services (CIFTIS).

Meanwhile, the nation’s second largest city, Shanghai, has a score of 88. One of the biggest business capitals in East Asia nowadays, the ranking puts it in third place.

In July, the municipal government of Beijing unveiled a 20-point plan to accelerate the development and deployment of distributed ledger technologies (DLT) and turn Beijing into a global and national hub for blockchain tech.

Blockchain innovation

The Beijing Blockchain Innovation Development Action Plan 2020–2022 outlines the city’s intent to solidify itself as a global leader in both private blockchain innovation and public DLT deployment by the end of next year.

The magazine Finance China highlighted Beijing’s pioneering role in adopting blockchain technology among companies spread across the country. Besides, it has contributed to putting blockchain applications in the financial sector on the right track.

On Wednesday, 9 September, China concluded the CIFTIS activities for this year. It is the first international economic and trade activity organised by Beijing following the global outbreak of the corona pandemic.

The six-day conference came with the announcement of 97 major projects in China and 19 others in electronic platforms. Meanwhile, 99 new innovations were also announced. At the same time, there were 240 agreements between various provinces, regions, municipalities, large central enterprises, and financial institutions.

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Mohamed Tharwat 20 Articles
Cairo-based journalist, specialized in economics and finance markets