Western discourse on distributed ledger technology has long been dominated by narratives centered on volatile crypto assets, permissionless token ecosystems, and the ideological underpinnings of decentralized finance. Beijing's strategic calculus, however, operates from an entirely different set of first principles. Within China's official policy framework, blockchain was never conceived as a mechanism to circumvent state authority or disintermediate sovereign financial systems. Rather, it has been systematically positioned as a foundational layer of state-directed digital infrastructure — a governance tool engineered to reinforce institutional trust, streamline cross-border commerce, and extend the reach of regulatory oversight across complex supply chains and trade corridors: […]
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