China urges banks to adopt blockchain for tax data sharing and credit access

Chinese regulators are directing banks to implement blockchain technology for improved tax data sharing to enhance credit access for small businesses. The policy aims to upgrade the 'bank-tax interaction' model through technological integration.

• →China's tax and financial regulators are mandating blockchain adoption for bank-tax data sharing systems.
• →The initiative specifically targets improving financing access for small and medium enterprises.
• →Banks must upgrade their existing tax interaction models to incorporate blockchain technology.
• →This represents continued Chinese government support for blockchain applications in financial infrastructure.
• →The policy could serve as a model for other countries seeking to modernize financial data sharing systems.