Financial regulators have called on banks and local authorities to utilize technology and confidential computing. This will standardize data exchange between businesses, banks, and tax authorities. The innovation could also expand financing for small businesses. Regulators urged banks to enhance credit models, improve loan approval efficiency, and increase the volume of financial services. The initiative is part of the National Development and Reform Commission's program to implement blockchain nationwide by 2029. China expects blockchain-based data infrastructure to attract 400 billion yuan ($58 billion) in annual investments. Previously, Chinese President Xi Jinping described blockchain as a "breakthrough" for innovations in key technologies and has also called for an accelerated integration of the technology into the real economy.