Hong Kong leads Web3 race; China tackles digital divide
Author: Content Editor
Hong Kong's Cyberport has experienced tremendous growth in the field of Web3 technology, hosting over 270 Web3 entities and supporting the development of blockchain, AI, and Big Data. The report states that 270 blockchain companies are based in Cyberport, with three of them being unicorns. The hub provides funding and support to startups, as well as partnering with other entities and expanding its investor network. Hong Kong has become a leader in Web3 technology, with government policies promoting the sector and the exploration of a central bank digital currency. Meanwhile, China is pushing for greater collaboration to address the digital divide, emphasizing the need for developing nations to catch up with advanced economies. Chinese President Xi Jinping and Vice Premier Ding Xuenxiang both highlighted the importance of bridging the digital divide and called for international cooperation and talent development. Additionally, local Chinese enterprises are supporting the government's policies in developing nations. China has been active in bridging the digital divide, pushing for uniform AI standards and testing cross-border use cases for central bank digital currencies.