The Bank of China, one of China’s four major commercial banks, announced on December 4 that they have issued 20 billion renminbi ($2.8 billion dollars) bonds to small- and micro-sized businesses to help these businesses to continue to grow and develop.
Up until the end of September, bonds issued to small- and micro-sized companies amounted to approximately 404 billion renminbi. Compared to the year before, this year saw a 35.36% increase, and the number of small- and micro-sized businesses near 410,000.
In issuing the bonds, the Bank of China utilized its own in-house blockchain system. This is the country’s first bond issuance and record system executed using blockchain technology. Bond issuers, different underwriters and investors have also participated in its use in areas of bond issuance preparation, pricing and bookkeeping, to name a few. The blockchain network helps to support the process and review of crucial information and documents.
China has stepped up in the blockchain sphere in recent months following President Xi Jin Ping’s announcement encouraging China to utilize blockchain and further the development of businesses across different industries country-wide. Currently, China accounts for slightly more than 50% of blockchain patents filed in the world, while there are an estimated 28,000 blockchain enterprises operating in China right now.
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