China's top leadership has ordered the construction of a national blockchain network and a nationwide integrated computing power network as part of a 19-measure policy package intended to connect the digital economy with real-world production. The policy calls for clearer rules on data ownership, market mechanisms treating data as an economic resource, and pilot projects for data trading, and it explicitly involves 16 central government departments and 27 centrally administered state-owned enterprises.
The initiative builds on existing infrastructure rather than starting from scratch: the directive leans on the Blockchain-based Service Network (BSN), operating since April 2020, which is positioned as state-governed and prohibits tokens and crypto assets. The policy frames blockchain as state infrastructure — data pipes, computing grids and regulated markets — while keeping crypto tokens outside that framework. It also seeks to extend digital yuan capabilities and support cross-border trade using integrated payment and data infrastructure.
The document situates the network alongside industrial policies such as the "East Data, West Computing" program, smart manufacturing, and industrial internet projects, directing support for businesses adopting digital technologies and for companies supplying digital products and services. Financing measures aim to mobilize sustained private investment and use fiscal policies to share investment risks in future industries. The policy stresses optimizing national data infrastructure and piloting mechanisms for efficient cross-border data flows.
From an international perspective, the opinion notes the relevance of external regulation: separate Chinese restrictions earlier this year extended oversight to stablecoins and tokenized assets, and U.S. rules such as the Justice Department’s Data Security Program — which designates China a country of concern and sets prohibitions and obligations on certain cross-border transactions involving sensitive data — frame part of the context for companies handling cross-border information. The key implementation questions ahead are how the 16 departments translate the 19 measures into concrete projects, which state-owned enterprises move first, and how the data-as-an-asset pilots are structured.