China’s tax authority has warned of the bank’s application to grant loans
China's tax and financial regulators on Monday urged banks and local authorities to use blockchain and personalization to improve the “bank tax interoperability” model and expand financial support for small businesses.
In a joint policy notice issued by the State Tax Administration and the National Financial Supervisory Authority, banks and taxpayers should standardize information exchange and reduce information asymmetry between tax authorities, banks and enterprises.
The report also urges banks to improve lending models, improve loan approval efficiency and increase the provision of financial services to “honest and tax-paying enterprises”.
In the year Following the National Development and Reform Commission's roadmap released in January 2025, it aligns with China's broader efforts to integrate blockchain into China's information infrastructure, targeting nationwide implementation by 2029.
Shen Zhulin, deputy director of the National Information Administration, said in a January 2025 press conference that China expects blockchain-based information infrastructure to attract 400 billion yuan (about $58 billion) annually.
Chinese regulators list information infrastructure with a goal of 400 billion yuan
While China maintains tight controls on cryptocurrencies and speculative digital asset trading, it has pushed to incorporate blockchain initiatives into finance and information infrastructure.
In the year In October 2019, Chinese President Xi Jinping highlighted the technology as an important “breakthrough” for the independent innovation of mainstream technologies, urging the development of blockchain-based applications and their integration into the real economy.
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In the year In April 2021, the Shenzhen Tax Bureau rolled out the country's first blockchain electronic invoicing system.
However, in September of that year, China issued a nationwide ban on crypto transactions and mining as part of a wider crackdown on several government agencies.
Despite the ban, China is still the third largest Bitcoin (BTC) mining country. In the year According to data from Compass Mining, it will account for 11.7 percent of global hashrate by January 2026.
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