Over 50,000 developers have joined Chang’an Chan, a blockchain platform supported by the Chinese government. Yin Hejun, the Minister of Science and Technology of China, has announced that the Chinese government places great importance on the development of the web 3.0 industry. He made this statement in a written response to the proposal of the Chinese People’s Political Consultative Conference (CPPCC) advisory conference. He stated that the proposals related to strengthening resource support for web 3.0 technology research and development, enhancing technology supervision and management, encouraging international collaborations, and promoting the use of the new generation of the web are expressed from a futuristic and strategic perspective and are in line with the key performance of this ministry. This document from the Ministry of Science and Technology confirms the powerful industrial foundation and extensive development potential of China for web 3.0, which includes political support, technical research, and real-world applications. Official guidelines regarding blockchain technology and blockchain innovation testers, which examine various use cases from finance to intellectual property, are mentioned in this document. Leading Chinese technology companies such as Ant Group, Baidu, and Huawei demonstrate the vital role of the consortium in this sector. Furthermore, according to China, over 50,000 developers are involved with the Chang’an Chan blockchain, supported by the government. The Ministry of Science and Technology and other government entities have introduced policies and standards to accelerate the adoption of blockchain. Local programs in Beijing and Shanghai are also being implemented with the aim of nurturing web 3.0 innovation. Authorities are taking advantage of the opportunities in this emerging field by providing a supportive environment through guidelines, committees, and targeted initiatives. China’s embrace of web 3.0 technologies reflects a shift in the country’s previous stance on the ban of digital currencies and crackdown on mining operations. However, concerns still remain regarding the digital yuan, the central bank’s digital currency (CBDC). While the digital yuan is introduced as an advanced payment mechanism, it also enables unprecedented monitoring and control by the authorities.