Beijing Releases White Paper For Web3 Innovation
The municipal government of Beijing has released a white paper to encourage innovation and advance the Web3 industry.
The Beijing Municipal Science and Technology Commission, also known as the Administrative Commission of Zhongguancun Science Park, unveiled the “Web3 Innovation and Development White Paper” at the Zhongguancun Forum. According to The Paper, a local news outlet, the document acknowledges Web3 technology as a “inevitable trend for future Internet industry development.”
The commission intends to spend at least $14 million per year until 2025 to establish Beijing as a prominent global innovation hub for the digital economy. During the forum, Yang Hongfu, the director of the Zhongguancun Chaoyang Park management committee, revealed the funding, emphasising Zhongguancun’s status as China’s Silicon Valley.
According to reports, the white paper emphasizes Beijing’s intention to enhance policy support and expedite technological advancements to foster the growth of the Web3 industry.
(With inputs from Shikha Singh)
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