A basic translation I did for the NEO community:
Recently, the Ministry of Industry directly under the China Electronic Information Industry Development Research Institute in conjunction with Beijing Tiande Technology Co., Ltd. initiated the establishment of the CCID (Qingdao) block chain research institute settled in Qingdao.
Blockchain laboratory director Cai Weide, the project’s chief scientist, believes that China’s block chain industry has potential to walk in the forefront of the world and establish itself as a global leader. Introduction consists of experts talking about immutable, transparent properties of blockchain, and industry experts bullish view on it, including Cai Weide, saying that blockchain’s rapid growth in technology is due to its multi-faceted use case. Cai Weide see scalability as an issue in blockchain, with BTC doing 3TPS, while Shanghai exchange executes 10,000+ TPS.
Cai Weide 3 step policy for China to maintain advantage in blockchain development, in it’s goal to become a global leader. This can only be done by creating an open ecosystem, and the adoption of a sharing, open source model, to attract global talents who are the experts in their field, and to reduce unnecessary competition.
1) Chinese blockchain industrial sandbox with industry associations under the guidance of the enterprise self-test and assessment work; Umbrella sandbox that works closely with the government regulatory support, commissioned by the authority to assess the blockchain development; Regulatory sandbox is developed by the industry to a certain extent, up till the point where the regulatory model is matured. Industrial sandbox will come first, and working alongside regulatory authorities, to build and promote umbrella and regulatory sandbox.
2) Qingdao Blockchain Research Hub; Research vectors include: IoT, electronic payment, insurance, logistics, medical, customs / immigration blockchain sandbox
3) Open sourced platform for blockchain testing and monitoring, within sandbox environment. The platform has established the first platform prototype to support blockchain automation in China, support applications like, financial regulation, food and medicine tracking, product logistics tracking, payment and settlement, etc.