The venture capital arm of Chinese Communist state newspaper the People’s Daily Online has forged a partnership which will take it into the blockchain development arena.

The paper, with a circulation of 3 million and the biggest newspaper group in the country, is to form a partnership with Chinese multinational technology company and online service provider Xunlei Limited to form its new “Technology Innovation” lab at the People Capital’s Blockchain Research Institute, according to the company.

The People’s Daily Online focuses on China news, China society, China military, Chinese culture, China travel guide, China politics and foreign affairs and is the online version of the original Communist Party paper first published in 1948, highly controlled by the Chinese leadership.

The People’s Daily Online was the first of China’s news websites to go public, first appearing on the Shanghai Stock Exchange in 2012. The new partnership with Shenzhen-based Xunlei has suggested the launch of a service platform to enable seminar management and workshops in order to facilitate startups across China’s blockchain space.

Xunlei is a major player, being one of the leading blockchain infrastructure and service providers globally. Its subsidiary “Onething Technologies” is responsible for the ThunderChain Open Platform which can process over 1 million transactions per second, which includes the Thunder Chain File System (TCFS) which is a decentralized file storage and transmission system for blockchain applications.

During the official announcement, Mr. Lei Chen mentioned in his keynote speech that his company would continue to focus on blockchain research and development to implement ThunderChain as a mainnet for blockchain startups and developers.

Ye Zhenzhen, General Manager of the People’s Daily commented that “the most important part of blockchain technology is its operating mechanism. Through the ingenious combination of technologies, the fair distribution of resources is completed.”

The Cyberspace Administration of China (CAC) has now published a draft policy titled “The Regulation for Managing Blockchain Information Services”. The rules, when enacted, will create the country’s first regulatory body formulated specifically to deal with the blockchain industry.

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