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Fuzhou City Unveils Incentives to Become China’s Blockchain Powerhouse

Fuzhou City, located along China’s southeastern coast, has recently unveiled a series of incentives aimed at attracting blockchain-related companies and fostering the growth of its digital economy. The local government hopes to position Fuzhou as a leading hub for blockchain technology and innovation.

Under the new policies, approved blockchain projects can receive subsidies of up to 500,000 yuan (US$71,811). Additionally, blockchain companies and institutions renting office space in designated industrial complexes can benefit from annual rental subsidies of up to 600,000 yuan for every 1,000 square meters of space.

In a bid to further incentivize the industry, the Fuzhou government is offering monetary rewards to local blockchain companies and institutions that achieve government certifications, reach revenue targets, or provide training services in blockchain technology. For instance, companies certified as national-level laboratories for blockchain technologies can be awarded up to 1 million yuan (US$143,622).

The Fuzhou government’s commitment to blockchain technology extends beyond attracting external investment. At the recent Digital China Summit & Exhibition, local authorities demonstrated the use of blockchain for storing government data, showcasing their dedication to implementing the technology within the city’s own administrative processes.

China’s central government has been actively promoting blockchain technology, recognizing its potential for economic development while simultaneously prohibiting cryptocurrency trading and mining. As early as 2021, the State Council identified blockchain as one of the seven key sectors within China’s digital economy.

This commitment was further emphasized with the recent opening of a national blockchain research center in Beijing, which aims to train a substantial number of blockchain professionals to support the country’s Web 3.0 initiatives.

With these forward-thinking policies and investments, Fuzhou City is poised to become a vibrant center for blockchain innovation, attracting both domestic and international companies seeking to capitalize on the city’s favorable business environment and government support.

As Fuzhou continues to position itself as a leader in China’s digital economy, the city’s efforts are likely to yield significant economic growth and create numerous high-tech job opportunities in the coming years.

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