Author: Zhang Feng
The "Suggestions of the Central Committee of the Communist Party of China on Formulating the 15th Five-Year Plan for National Economic and Social Development" (hereinafter referred to as "Suggestions") was passed in October 2025, systematically outlining the blueprint for national development over the next five years. In the process of comprehensively advancing Chinese-style modernization, the construction of "Digital China" has been given an important strategic position, clearly proposing key tasks such as "deepening the construction of Digital China," "improving the foundational system for data elements," and "building an open, shared, and secure national integrated data market." Against this backdrop, the development and utilization of digital assets are ushering in unprecedented policy opportunities and development space.
1. Marketization of Data Elements: Building the Institutional Foundation for the Development and Utilization of Digital Assets
The "Suggestions" clearly propose "improving the foundational system for data elements" and emphasize "building an open, shared, and secure national integrated data market." This means that in the next five years, our country will accelerate the marketization, legalization, and standardization of data elements, laying the institutional foundation for the development and utilization of digital assets.
The confirmation and circulation mechanism of data resources will be gradually improved. The "Suggestions" propose "deepening the development and utilization of data resources" and emphasize "improving property rights protection." In the future, the state will promote the establishment of systems for defining data property rights, classifying and grading data, and formulating data trading rules, facilitating the transformation of data resources from a "sleeping" state into tradable and value-added digital assets. Enterprises should focus on the construction of data asset registration, evaluation, and trading platforms, actively participating in pilot projects for the data element market.
The integration and development of public data and social data welcome opportunities. The "Suggestions" propose "promoting the integration and sharing of government data, public data, and social data." In fields such as healthcare, transportation, environmental protection, and urban governance, the government will promote data openness and sharing, providing enterprises with rich sources of digital assets. Enterprises with data cleaning, modeling, and analysis capabilities will gain an advantage in data value-added services.
Data security and privacy protection become prerequisites for development. The "Suggestions" emphasize "strengthening national security capacity building in emerging fields such as networks, data, and artificial intelligence." In the process of data development and utilization, compliance and security will become the thresholds for enterprises to participate in market competition. Technologies such as privacy computing, blockchain, and data de-identification will play a key role in the process of assetizing data.
2. Smart Contracts and Blockchain: Promoting the Automation and Trustworthiness of Digital Assets
Although the "Suggestions" do not directly mention "blockchain" or "smart contracts," their expressions regarding "accelerating innovation in artificial intelligence and other digital intelligence technologies" and "improving regulation" provide policy space for the practical application of smart contracts.
Smart contracts will first land in the fields of government affairs and finance. In areas such as government services, supply chain finance, and intellectual property protection, smart contracts can achieve automation, transparency, and immutability of business processes. For example, in scenarios such as government procurement, land registration, and copyright transactions, smart contracts can effectively enhance efficiency and reduce dispute risks.
Blockchain + digital identity builds a trustworthy digital ecosystem. The "Suggestions" propose "promoting the construction of a rule-of-law society" and "creating a good environment in which the whole society respects the rule of law, adheres to rules, respects contracts, and maintains fairness." The combination of blockchain technology and digital identity can establish a trustworthy digital identity system for individuals and enterprises, supporting the registration, trading, and protection of digital assets.
Regulatory technology (RegTech) and compliant smart contracts will rise. With the development of the digital asset market, regulatory agencies will continuously raise requirements regarding anti-money laundering, anti-fraud, and data compliance. Smart contract systems with automatic compliance checking capabilities will become essential for financial institutions and platform enterprises.
3. Empowering Digital Asset Applications: From Finance to the Real Economy, From Consumption to Governance
The "Suggestions" clearly propose "comprehensively implementing the 'Artificial Intelligence+' action" and emphasize "promoting the deep integration of the real economy and the digital economy." As a key element of the digital economy, digital assets will play an empowering role in multiple fields.
The digitization of financial assets accelerates. The "Suggestions" propose "steadily developing digital renminbi" and "actively developing direct financing such as equity and bonds." In the future, the digital issuance, registration, and trading of traditional financial assets such as stocks, bonds, and bills will gradually become widespread. The combination of digital renminbi and smart contracts can support the application of programmable money in scenarios such as targeted payments and supply chain finance.
Cultural assets and intellectual property digitization. The "Suggestions" propose "accelerating the development of the cultural industry" and "promoting the systematic protection of cultural heritage." Digital collectibles (NFTs), digital copyrights, and digital cultural products will welcome development opportunities. Cultural institutions and content creators can leverage blockchain technology to achieve the assetization and copyright protection of digital content.
Digitization of carbon assets and green finance. The "Suggestions" emphasize "accelerating the construction of a new energy system" and "actively and steadily promoting and achieving carbon peak." The national carbon emission trading market will expand its coverage, and the registration, trading, and verification of carbon assets will require support from digital platforms. Blockchain technology can enhance the transparency and credibility of carbon data, aiding the development of green finance.
Digitization of urban governance and public services. The "Suggestions" propose "promoting the construction of public infrastructure that serves both urban and emergency needs" and "building a modern people’s city that is innovative, livable, beautiful, resilient, civilized, and smart." Urban digital assets such as digital identity, digital property, and digital transportation will play an important role in the construction of smart cities.
4. Building Technical Infrastructure: Supporting the Underlying Capabilities for Digital Asset Development
In the section on "building a modern infrastructure system," the "Suggestions" clearly propose "appropriately advancing the construction of new infrastructure" and emphasize "promoting the construction and efficient utilization of information and communication networks, a national integrated computing network, and major scientific and technological infrastructure."
Computing networks and cloud computing facilities are the "soil" for digital assets. The construction of a national integrated computing network will provide efficient and low-cost infrastructure for the storage, computation, and trading of digital assets. Enterprises should pay attention to the layout of national computing hub nodes and actively participate in major projects such as "East Data, West Computing" and edge computing.
Artificial intelligence and big data platforms are the "engines" for digital assets. The "Suggestions" propose "accelerating innovation in artificial intelligence and other digital intelligence technologies." Advances in AI technology in areas such as data labeling, content generation, and risk identification will promote the intelligent development and management of digital assets.
Blockchain and distributed ledger technology are the "skeleton" of digital assets. Although not directly named, goals such as "improving the foundational system for data elements" and "building an open, shared, and secure national integrated data market" cannot be achieved without the support of distributed ledger technology. Consortium chains, cross-chain technology, and zero-knowledge proofs will play key roles in data sharing and asset circulation.
5. Challenges and Suggestions: How to Seize Digital Asset Opportunities During the 15th Five-Year Plan?
Despite significant policy dividends, the development of digital assets still faces multiple challenges such as technological maturity, legal regulations, and market acceptance. Enterprises should focus on the following aspects:
Strengthen technological research and standard construction. Actively participate in the formulation of national and industry standards, promoting the integrated innovation of blockchain, AI, privacy computing, and other technologies.
Pay attention to compliance and risk prevention. Closely monitor the dynamics of data security laws, network security laws, and digital asset regulatory policies, and establish a compliance management system.
Explore cross-border cooperation and ecological co-construction. Collaborate with governments, financial institutions, technology companies, and research institutions to jointly promote the practical application of digital assets in specific scenarios.
Cultivate professional talent in digital assets. Strengthen the talent reserve in areas such as blockchain, data science, smart contracts, and compliance risk control.
The period of the 15th Five-Year Plan is a critical stage for our country to basically achieve socialist modernization. The development and utilization of digital assets will become an important force in promoting high-quality economic development, enhancing national governance capabilities, and advancing social progress. Under the guidance of the "Suggestions," systematic breakthroughs will be welcomed in areas such as the marketization of data elements, the application of smart contracts, the empowerment of the real economy by digital assets, and the construction of new digital infrastructure. Only by grasping policy directions, solidifying technological capabilities, and adhering to compliance bottom lines can we seize opportunities in the new wave of digital assets and contribute digital strength to Chinese-style modernization.
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