Chinese President Xi Jinping has made a major announcement during a meeting with leaders of Chinese engineers and scientists that the current “new generation of technology” has the capacity to solve the world’s greatest challenges, such as food security, energy security and global warming.
This technology, according to Xi – known in virtual spaces as XJP – covers artificial intelligence, quantum computing, mobile communication, Internet of Things and also the blockchain. For the Chinese leader, these technologies would have “innovative applications” that could build a new “scientific and industrial revolution.”
As reported by the Asia Times, the Chinese president made these statements before the 19th meeting of the Academicians of Science and the 14th meeting of the members of the Chinese Academy of Engineering.
“Since the beginning of the 21st century, scientific innovation and innovation have entered an unprecedented period of activity,” he said during his speech. For XJP, Chinese technology sector, in international cooperation, can begin to “rebuild the map of global innovation and reshape the global economic structure.”
The present global economic structure is indeed in need of a revolution. Atlanticism, or the model of unipolarity based upon the financial control of the EU through the same banking institutions which dominate the World Bank and International Monetary fund via the US banking sector, is a waning model. This is a highly centralized model and does not require consensus agreement.
Beijing has encouraged the blockchain at the same time as it handles with care and control over the financial sector and virtual currencies. For him, the blockchain can forever “change the world’s economic structure”. This appears as a logical deduction.
In 2017, China banned offers of virtual currencies and introduced a severe regulation, which made transactions of this type of currency leave the country. Today, China is tracking down Chinese citizens who continue to make transactions through foreign exchanges of cryptocurrencies.
Despite restrictions, the Chinese government has supported the formation of blockchains and Xi’s speech shows China’s ambition to be part of this innovation sector.
Meanwhile Xi also said that as the world underwent significant changes and adjustments and that this also affects India. China and India, as the two largest developing countries and emerging economies with a combined population of more than two billion, are the engines of world economy, growth and multipolarity, according to Xi.
This has profound implications which should not be understated. India’s moves are entirely consistent with growing multipolarity, even if at the present stage it seems to reinforce Atlanticism against multipolarity.
In reality, India is making rational state model decisions, following supply-line pathways originally created through the now waning unipolar order, and using these as part of its own strategy based entirely in multipolarity. Ultimately, US power will be appropriately sized to its actual power potential, its consumption source altered from global to local, and will on this basis have little difficulty thriving in the multipolar world, which in many respects, is already here.
Blockchain development has achieved consensus on a decentralized model, which is the digital realization and expression of the geopolitics of multipolarity.