When general secretary of the Communist Party of China Xi Jinping recently presided the political bureau study of the central committee, he points out that the integrated application of block chain technology plays an important role in new technological innovation and industrial transformation.We should take blockchain as an important breakthrough in independent innovation of the core technologies,define the main attack direction, invest more, focus on overcoming a number of key core technologies,accelerate the development of blockchain technology and industry innovation.He pointed out that the application of blockchain technology has been extended to digital finance, Internet of things, intelligent manufacturing, supply chain management, and digital asset trading.

In this collective study,the General Secretary Xi Jinping set the tone for block chain technology firstly: block chain is a global competition technology.Blockchain will play an important role in the whole technology and industry.China has a good foundation, block chain technology will be fully integrated into the economic society in the future.

Technology applications are being implemented in an orderly manner.

Later, higher requirements are put forward for China's blockchain development.In terms of international competition, China should strive to be at the forefront of theory, occupy the commanding heights of innovation,gain new industrial advantages in the emerging field of blockchain and enhance international voice and rule-making power.In terms of domestic social governance, the block chain should play its role in promoting data sharing, optimizing business processes, reducing operating costs, improving collaborative efficiency, and building a credible system.For example,promoting supply-side structural reform,aligning supply with demand in all industries,accelerating the replacement of old growth drivers with new ones,and promoting high-quality economic development.We will move faster to replace old growth drivers with new ones and promote high-quality economic development.These requirements show the direction,foresight judgment and future foresight of China's top decision-makers, leading the transformation of China's block chain industry and the pace of block chain economic transformation.

In this political bureau study proposed that the three major areas of people's livelihood, economy and government affairs should be the breakthrough point for industrial integration.Blockchain can actually serve tangible and tangible fields.

Xi Jinping general secretary's important speech sound and touch the nature of industry, will block the present situation of the chain, the opportunities, the breakthrough point to clarify one by one, the important speech are fully prepared for the investigation and study of and show a strong determination to block chain technology development, to promote the various departments and local government attaches great importance to the chain technology push the block chain industry development have a huge role in promoting, undoubtedly has important guiding significance to the development of industry.

China has the strength and confidence to contribute Chinese wisdom to the world in the blockchain industry.China is one of the early countries to carry out national strategic layout in the blockchain field.As early as January 2016, "blockchain" was written into“the 13th five-year national informatization plan”as a strategic frontier technology for the first time. After that, a number of provinces, cities, autonomous regions and special administrative regions successively issued relevant policies, setting off a boom in blockchain r&d and investment in the market.

This time, blockchain will be set as the "breakthrough point for core technology innovation", and it will point out the direction for how blockchain technology can bring substantial changes to social development. This unprecedented attention will certainly promote China's faster and greater development in this field.

Blockchain is not only a technology, but also an organizational behavior, an economics, and even a philosophy. Its features are distributed, tamperable, trustworthy, self-motivating, self-distributing, and so on.Industries plus blockchain may be redefined,or “restarted”.With the help of blockchain, "community consensus"may be created which is different from consanguine consensus, regional consensus, national consensus, institutional consensus, religious consensus, etc.The “community consensus” is a cross-regional, cross-industry, cross-market, cross-network, cross-law, cross-culture community.These new consensus and community will be born in China first.

At present,China block chain industry chain has been formed, from the upper reaches of the hardware manufacturing, platform service (public chain/league chain/BaaS), security services (digital asset store, the underlying code, and the encryption algorithm), to the downstream industry technology application service (block chain technology solutions), to the industrial investment and financing services ensuring the development of industries, media, talent,the company in all fields has been basic complete, coordinated and orderly, jointly promote the industry to go on.

Hong Kong has unique advantages

At the end of May 2018, the Hong Kong monetary authority announced that it would issue "virtual bank" licenses.In June 2018, the Hong Kong special administrative region government launched the "entry scheme for science and technology talents" to help local technology companies speed up the entry of science and technology talents.In August 2018, the SAR government released a "talent list", which includes 11 categories of talents, including fintech talents, that are in short supply in Hong Kong.

On November 1, 2018, the SFC issued a regulation on virtual assets, requiring funds with more than 10% of their assets (AUM) to be sold only to professional investors. Any fund or brokerage that invests in virtual assets needs to register with the securities regulatory commission.In addition, the SFC will work with operators of virtual asset trading platforms that intend and have demonstrated their commitment to meeting stringent standards to bring them into the regulatory sandbox and issue licences to exchanges after regulatory verification.The move sets a precedent for global digital asset regulation.On October 4, 2019, the SFC officially published on its official website the "the preparational terms and conditions for the supervision of licensees investing in virtual assets".

In terms of the number of financial institutions, the scale of financial practitioners, the total value of assets under management, the number of ipos, the issuance of other financial products and the total number of private hedge funds registered, Hong Kong's capital market is among the world's leading.However, many financial practitioners still believe that Hong Kong has "finance but no technology", and the use of blockchain will help alleviate this stereotype.

The cryptographic nature of digital currencies and peer-to-peer payments prepared by the central bank can circumvent capital controls, weaken the effectiveness of cross-border capital regulation and also exacerbate the impact of cross-border capital flows.In the terms of building digital currency,the experience of the Hong Kong dollar may be a reference.In addition to full dollar support, Hong Kong's foreign exchange reserves are also ample.The foreign exchange in May 2019 more than doubling the base currency.These asset backstops and reserves mainly function when the Hong Kong dollar weakens, ensuring that the Hong Kong monetary authority has enough foreign exchange to buy Hong Kong dollars.That would reassure the market that the HKMA is strong enough to resist currency speculation and manage capital flows.Indeed, the peg has survived several crises.