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China Embraces Blockchain For Taxation And Electronic Invoice Issuance


In response to the call from the Chinese government for "mass entrepreneurship and innovation," more than 4,000 enterprises are established daily (source from UHY International), the majority of which are hi-tech firms. It's fair to say that the openness and far-reaching vision of the Chinese government is the driving force behind its sustained economic development.

The Chinese government has attached great importance to the emerging blockchain industry and listed it in the "Thirteenth Five-Year" National Informatization Plan (the macro-economic plan of the Chinese government, which has been in implementation since the founding of the People's Republic of China in 1949 and is revised every five years). Meanwhile, several provincial and local governments have promulgated relevant policies in support of blockchain enterprises. Several major cities including Hangzhou and Chengdu have set up blockchain industrial parks, and many government agencies have set up blockchain R&D teams, showing that governments at various levels have high hopes for the development of blockchain technology.

Today, a piece of news concerning China's finance and taxation enterprises has stirred up the global blockchain community (

"The Chinese government will utilize blockchain technology for social taxation and electronic invoice issuance matters."

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