On June 18, 2025, China's Central Financial Committee approved new recommendations aimed at accelerating the development of an international financial center in Shanghai with a focus on blockchain.
Support for Blockchain in Shanghai Finance
The Central Financial Committee of China, along with institutions like the People's Bank of China and the Shanghai Municipal Government, has outlined a new policy aimed at leveraging blockchain technology for supply chain finance. The document emphasizes the need for high-level financial openness and alignment with global economic standards.
Impact on International Financial Openness
Blockchain technology is being utilized to enhance supply chain finance, promote trade services, and improve enterprise services under the Belt and Road Initiative. This integration aims to elevate Shanghai's role as a leading international financial center, although retail-facing crypto trading remains off the agenda.
Expert Insights on the New Strategy
Shanghai is evolving into a potential global financial giant due to its policy guided by blockchain integration. Experts from Coincu have noted that this blockchain endorsement is likely to foster institutional collaborations in Shanghai, aligning financial ecosystems with international standards.
Thus, blockchain technology may significantly transform Shanghai's financial landscape, opening new opportunities for international cooperation and enhancing its status as a financial hub.
