China's Xi Endorses Blockchain As 'Breakthrough' in Economic Reform

Chinese President Xi Jinping has acknowledged the potential of blockchain in a speech this week, endorsing the nascent technology for the first time in public.

Speaking at an annual academic conference hosted by the Chinese Academy of Sciences on Monday, Xi made a remark that blockchain is a critical part of the 21st century technology revolution that China should seize to thrive in the global economy.

"Ever since the start of the 21st century, a new generation of industrial revolution is substantially reshaping the global economic structure...with artificial intelligence, internet of things and blockchain constantly making application breakthroughs."

Xi further noted that in order to thrive in the global economic competition, China will initiate national laboratories with high standards to foster research and development of technology infrastructure.

Though Xi did not offer fine detail on how blockchain should be used, his comment came just days after the Chinese government's central administrative branch also mentioned blockchain in a top level missive.

As previously reported by CoinDesk, China's State Council ordered the country's Guangdong Free-trade Zone to accelerate blockchain development and application as part of the region's economic reform.

The State Council has already introduced the concept of blockchain as part of an information technology reformation strategy in the country's 13th five-year economic development plan from 2016 to 2020.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.