guangzhou

The Guangzhou Municipal Committee of the Communist Party of China has released recommendations for formulating the 15th Five-Year Plan for the national economic and social development of Guangzhou. It mentions accelerating the construction of a strong financial city. Build a modern financial service system that is compatible with the core engine functions of the Greater Bay Area and has a higher level of internationalization.Increase the intensity of reforms in the financial sector, build a complete chain of technology financial service systems, promote effective connections between green finance and transformation finance, improve the "toolbox" of financial support policies for small and micro enterprises, establish a provincial model for pension finance, and expand the application scenarios of digital renminbi. (Jinshi)

The Guangzhou Municipal People's Government issued the "Beautiful Guangzhou Construction Planning Outline." It proposes to accelerate the construction of an intelligent grid that adapts to the development and consumption of new energy, speed up the digital transformation of the grid and the construction of digital grids, and promote the deep integration of technologies such as big data, artificial intelligence, and blockchain with the power system to support the consumption of clean energy.Actively promote the construction of pilot cities for the large-scale application of vehicle-network interaction, facilitating the collaborative interaction between vehicles and networks. Accelerate the expansion of application scenarios for new power systems and create a demonstration area for new power systems in Guangzhou, a super-large city.

ChainCatcher news, the Guangzhou Intermediate People's Court held a press conference on the effectiveness of foreign-related civil and commercial trial work and typical cases. A sales contract involving the purchase of "mining machines" for virtual currency operations overseas was deemed invalid due to its disruption of China's financial order.Wang Mouming and Zheng Mou are both Chinese citizens. The two parties negotiated via WeChat, and Zheng purchased 24 specialized servers for virtual currency "mining" from Wang Mouming for 1.024 million yuan, paying the full amount. It was agreed that Wang Mouming would transport the "mining machines" to Mongolia for operation and maintenance, with the electricity costs borne by Zheng and Chen Mouxiong. After the "mining machines" were transported to Mongolia, they frequently encountered online issues and were still under the actual control of Wang Mouming without being delivered. Therefore, Zheng filed a lawsuit to confirm the sales contract as invalid. Wang Mouming argued that Mongolian law should apply to this case and that the contract was valid. Chen Mouxiong clarified that he had no sales relationship with Wang Mouming and did not claim rights to the "mining machines." The effective ruling of the Guangzhou Intermediate People's Court stated that although this case is foreign-related, both parties are Chinese citizens. The contract in question, which involved the sale of "mining machines" and their transportation to Mongolia for Bitcoin "mining," pertains to public interests in China, such as ecological environment and financial security, and should be governed by Chinese law.The "mining machines" in question are specialized equipment for "mining." "Mining" is energy-intensive, and virtual currency trading is considered illegal financial activity, disrupting China's financial order. The contract in question is invalid due to its violation of public order and good morals, and relevant handling was made based on the degree of fault of both parties and the performance of the contract.

ChainCatcher news, according to a report by Caixin, the Guangzhou Municipal People's Government recently issued the "Implementation Plan for Financial Support for Deepening Comprehensive Cooperation between Guangdong-Hong Kong-Macao in Nansha, Guangzhou."It mentions supporting the development of the digital industry. Strengthen the efforts to attract investment in key digital service institutions such as blockchain and artificial intelligence, and cultivate high-quality local digital service institutions. Encourage digital industry enterprises to enhance cooperation with financial institutions in Nansha to expand the integration of financial scenarios and applications. Support the establishment of data computing power centers, R&D certification centers, evaluation centers, and regulatory platforms in Nansha for the integration of key digital technologies such as blockchain and artificial intelligence with financial scenarios. Promote data exchanges to improve comprehensive services for data circulation and trading, collaborate with financial institutions and credit agencies to innovate data financial products, strengthen cooperation and connection with licensed digital asset trading platforms in Hong Kong, research and construct a cross-border regulatory framework for mutual recognition of digital assets between the two regions, and pilot projects to promote implementation, innovating digital asset trading services.

ChainCatcher News: The People's Bank of China, the Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Guangdong Provincial People's Government recently jointly issued the "Opinions on Financial Support for the Deepening of Comprehensive Cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area in Nansha, Guangzhou."The "Opinions" mention support for the development of the digital industry: supporting the establishment of data computing power centers, R&D certification centers, testing centers, and regulatory platforms in Nansha for the integration of key digital technologies such as blockchain and artificial intelligence with financial scenarios. It also supports the Guangzhou Data Exchange in improving comprehensive services for data circulation and trading, enhancing cooperation with licensed digital asset trading platforms in Hong Kong, and innovating digital asset trading service methods.

ChainCatcher news, according to Southern Daily, the Guangzhou Internet Court held a press conference on "Analysis of Civil Judicial Protection Paths for Online Virtual Property and Typical Case Studies" and released the "Research and Analysis Report on the Legal Nature of Online Virtual Property and Civil Judicial Protection Paths." It categorizes existing online virtual property into two main types: real-mapping virtual property and network-constructed virtual property, clarifying that investment and financing activities that harm the legal status of fiat currency are not protected by law, and losses from illegal investment transactions in virtual currency must be borne by the individuals themselves.

ChainCatcher news, the Financial Office of the Guangzhou Municipal Committee recently issued the "Action Plan for Further Promoting the Digital Renminbi Work in Guangzhou" (referred to as the "Digital Currency 2.0 Plan"). The "Action Plan" clarifies the main tasks of the pilot work from seven aspects.Further leverage the functional roles of the member units of the Guangzhou Digital Renminbi Work Leading Group. Each unit will formulate work plans for innovating and promoting digital renminbi application scenarios in their respective fields, implementing no less than one application scenario in their areas of responsibility.Explore promoting the use of digital renminbi as a payment method for prepaid services citywide.Vigorously create various digital renminbi application demonstration zones.Further enrich and improve application scenarios for digital renminbi in the transportation sector.Promote innovative digital renminbi application scenarios in the port and shipping sector.Actively advance the application of digital renminbi in cross-border payment and other businesses. Actively promote the participation of digital renminbi operating institutions and related enterprises in the pilot testing of the multilateral central bank digital currency bridge in the Guangzhou area. The Guangzhou Commodity Exchange's commodity trading platform and the Guangzhou Shipping Exchange's digital renminbi application will be implemented.Vigorously enhance the foundational strength of the digital renminbi industry.

ChainCatcher news, according to the Wen Wei Po report, the Guangzhou Internet Court announced that it will explore the establishment of a joint laboratory for data security and privacy protection between Guangdong and Hong Kong with universities.The joint laboratory for data security and privacy protection between Guangdong and Hong Kong is aimed at the strategic needs of cross-border circulation of data elements in the Greater Bay Area, constructing a system for data security and privacy protection technology and industrialization. This laboratory will conduct research in areas including big data security and computing blockchain artificial intelligence security, focusing on the circulation of data elements and cross-border data, promoting the deep integration of the industrial chain, innovation chain, and talent chain of data elements in the Greater Bay Area.

ChainCatcher news, according to China News Network, the People's Court of Tianhe District, Guangzhou, recently heard a contract dispute case arising from virtual currency mining. The court ruled in the first instance that the contract was invalid, dismissing all claims of the plaintiff and all counterclaims of the defendant. The defendant subsequently appealed, but due to failure to pay the second-instance case acceptance fee within the stipulated period, the case was processed as a withdrawal, and the first-instance judgment has now taken effect.The court reported that in May 2021, the plaintiff, a certain Tian company, signed a "Strategic Cooperation Framework Agreement" with the defendant, a certain Ma company, agreeing that the Ma company would provide Proof of Capacity (P disk) services for the Tian company. During the service process, the Tian company filed a lawsuit claiming that the Ma company had not completed the P disk service on time and in full, demanding a refund of the service fee and deposit totaling 295,000 yuan.After hearing the case, the court found that this case involved activities related to virtual currency. Relevant Chinese authorities have clearly pointed out that virtual currency does not have the same legal status as legal tender, and activities related to virtual currency are considered illegal financial activities. Moreover, the mining activities involved in this case consume a large amount of energy and produce significant carbon emissions, contributing little to the national economy, and are detrimental to the optimization of China's industrial structure and energy conservation and emission reduction, as well as to achieving the goals of carbon peak and carbon neutrality. Therefore, the mining contract signed by both parties is deemed invalid due to harming public interests and violating public order and good morals, and the related property rights arising therefrom should not be protected by law; the consequences of the aforementioned actions should be borne by the parties themselves. (source link)

ChainCatcher news, Guangzhou Nansha is the first in the country to promote "Metaverse" empowered smart new government affairs. The Metaverse Government Affairs Hall of the Government Service Center is now online, allowing citizens to wear VR glasses to enter the Metaverse Government Affairs Hall for an experience, and also to handle the first batch of online government affairs matters.According to staff from the Nansha Government Service Center, the Guangzhou Nansha Government Service Center has created a physical 1:1 model and engine rendering of the offline government affairs hall based on high-precision three-dimensional reconstruction technology using multi-sensor fusion. This has built a highly restored real-scene three-dimensional simulation environment, while also incorporating top-notch three-dimensional perception interaction technology and a wealth of digital content, aiming to create the first Metaverse government platform in the country that can achieve a full set of perception and interaction services.Currently, the first three matters that can be handled in the Metaverse Government Affairs Hall are: registration of special equipment usage (handled by unit/set), public place sanitation permit (new certificate, including modification and expansion), and handling of the "Construction Project Planning Permit" for self-built houses on state-owned land. In the next step, the Metaverse Government Affairs Hall will also launch features such as cloud window "one-on-one" real-time video customer service and "Hong Kong and Macau nearby services," creating a technological aesthetic digital human ambassador for government affairs through technologies like 3D modeling, intelligent perception, and adaptive rendering. (source link)

According to Chain Catcher news, the information disclosed by the Hubei Provincial Department of Economy and Information Technology shows that recently, the Ministry of Industry and Information Technology officially replied to the Hubei Provincial Department of Economy and Information Technology, supporting the city of Wuhan in creating a national blockchain development pilot zone. Currently, five cities including Suzhou, Guangzhou, Wuhan, Zhengzhou, and Kunming have been approved to build national blockchain development pilot zones. (Source link)