Reports from joint studies between the Chinese government, financial companies, Xinhua News Agency, and the financial information service provider Rhino Data found that in the past year, the amount of money spent on blockchain investment in China is worth 24.4 billion yuan, or about $3.6 billion USD, which saw a decrease of 40.8% from 2018, the year before.
The value and number of blockchain agreements in China have increased significantly since 2017, with 2018 being the highest investment year in the blockchain industry. There are over 600 deals throughout the year, while only 168 in 2017 and 245 in 2019.
The initial investment, such as Series A round of fundraising, was 43.3% in 2019, while in the second half of 2019, the proportion of strategic investments and mergers increased significantly. 292 institutions participated in all these investments. The cities that attracted the most blockchain projects are Beijing, Shenzhen, and Hangzhou.
After President Xi Jinping announced his plan for China to accelerate the acceptance of the blockchain across the country, this has allowed China to increase its knowledge and expertise in blockchain in several crucial industries. By the end of 2019, it is predicted that by 2023, China’s spending on blockchain technology will exceed $2 billion USD.
You may also want to read: Alipay Launches World’s First Car Rental Service Via Facial Recognition on Blockchain