China's Blockchain Technology Market Set to Skyrocket to $9.9 Billion by 2030 with a CAGR of 62.6%

China is taking the lead in blockchain technology adoption and development. According to Cryptomonday.de, the Chinese blockchain market is projected to grow at a CAGR of 62.6% between 2022 and 2030, reaching $9.9 billion.

Cryptomonday CEO Jonathan Merry commented on the data saying:

Recent developments, such as the establishment of the National Blockchain Technology Innovation Centre by the Ministry of Science and Technology, demonstrate China's commitment to fostering rapid growth in this area. This move is indicative of much wider support for the industry, as we are witnessing a shift in attitude towards blockchain technology.

Cryptomonday CEO, Jonathan Merry

Where Is China’s Digital Economy Heading?

The Chinese government has been actively pushing for the digital economy, focusing on blockchain technology. In January 2023, President Xi Jinping wrote an article emphasizing the importance of digital technologies such as blockchain and artificial intelligence in driving economic growth. This was followed by introducing a grand digitalization plan that emphasized building an infrastructure for the digital economy by 2025.

The plan calls for “widely accessible digital public services” and technology integration into the real economy, including agriculture, manufacturing, finance, education, medical services, transportation, and energy sectors.

The implementation of these plans will have a significant impact on the growth of China's blockchain market in the coming years. With government support driving growth, the industry will be able to develop new business models and digital currencies that can revolutionize how businesses operate in China.

Blockchain Technology is Paramount for the Advancement of Digital Infrastructure

The Chinese government has made it clear that blockchain technology is vital to its digital infrastructure. Local governments are now showing interest in Web3 development, as at least a dozen Chinese cities and provinces have issued plans or policies to boost the growth of the Web3 and metaverse industries. Shanghai published a policy paper to construct metaverse-related firms in July 2022, intending to create an industry worth over US$50 billion by 2025.

This support from the government is essential for the success of China's blockchain market, as it encourages businesses to explore and adopt new technologies. It also helps create confidence amongst investors and users who wish to be part of this growing industry.