Digital transformation is a national priority for China, and information technology's existence integrated into both enterprise and banks and other services industries.

Co-ordinate to a Feb. four report from Economic Information Daily, chairman of Minsheng Bank Hong Qi said:

"The full adoption of digital technologies such as blockchain is expected to accelerate the digital transformation and upgrade its agronomics, manufacturing, finance and other services in the next 10 years."

China Minsheng Banking company is the first national commercial banking concern owned principally by not-government enterprises. It is famous for making loans to small and medium-sized enterprises. It is too ane of the earliest adopters of blockchain technology in the Chinese banking sector. It has already applied blockchain engineering to the two key areas of traditional finance — for­feit­ure and letters of credit.

Bankers in China believe that blockchain will change the core standards of the financial system. It will also accept an over­whelm­ing im­pact upon the foun­da­tional sys­tems of the ex­ist­ing bank­ing sys­tem and re­la­tion­ships be­tween par­tic­i­pants.

In Dec, news bankrupt that the Bank of China had issued 20 billion yuan ($2.8 billion) in bonds to small and medium-sized enterprises using blockchain engineering science.

Several months agone, Cointelegraph reported that a new, independently-adult blockchain-based smart urban center identification system was jointly launched past three institutes based in the urban center of Shijiazhuang in North China's Hebei Province. Over 10 million blockchain-based invoices were successfully issued in China'south tech capital Shenzhen.