Key Points
- The Shanghai State-owned Assets Supervision and Administration Commission (SASAC), a powerful government body overseeing state-owned enterprises, held a formal “central group study session” on cryptocurrencies and stablecoins on July 10, 2025.
- Led by SASAC Secretary He Qing (贺青), the meeting signals a shift from a purely regulatory stance to one of strategic exploration and application of digital assets by state-owned giants.
- An expert, Li Mingliang (李明liang) from Guotai Haitong Policy and Industry Research Institute, provided a deep dive into crypto history, global strategies, regulatory frameworks, and future opportunities and challenges.
- He Qing issued a three-point mandate: embrace innovation-driven development (requiring SOEs to research digital currencies), promote industry-digital integration (exploring blockchain applications in cross-border trade, supply chain finance, and asset digitalization), and foster proactive engagement within tech, finance, and industry.
- This indicates a calculated move by China to leverage blockchain technology for strategic advantage and efficiency within massive state-controlled industries, rather than just focusing on speculative trading.
A recent Shanghai SASAC meeting on cryptocurrency and stablecoins signals a massive shift in how China’s state-owned giants are thinking about digital assets.
When a powerful government body that oversees a city’s biggest state-owned companies holds a special meeting on crypto, you pay attention.
This isn’t some low-level discussion.
On July 10, 2025, the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) (Shanghai Guozai 上海国资) did exactly that.
Think of SASAC as the central holding company and board of directors for the state’s most important enterprises. Their job is to manage and grow trillions in state assets.
And now, they’re officially strategizing about crypto.
Let’s break down what happened and why it’s a huge deal for anyone in tech, finance, or venture capital.
What Went Down: The Shanghai SASAC Crypto & Stablecoin Huddle
This wasn’t just a casual chat.
It was a formal “central group study session” focused specifically on the development trends and response strategies for cryptocurrencies and stablecoins.
The meeting was led by the top brass:
- He Qing (He Qing 贺青): The big boss. He’s the Secretary of the SASAC Party Committee and Director.
- Wang Zhiping (Wang Zhiping 王治平): Head of the Fourth Supervisory Group of the Municipal Party Committee, there to provide guidance.
Basically, the most senior people in charge of Shanghai’s state-owned economy were in the room, getting a masterclass on crypto.
This signals a move from a purely regulatory/skeptical stance to one of strategic exploration. They’re looking for an edge.
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The Expert’s Deep Dive on Stablecoins and Digital Currency
To get up to speed, they brought in an expert: Li Mingliang (Li Mingliang 李明亮).
He’s the Chief of the Policy Group at the Guotai Haitong Policy and Industry Research Institute (Guotai Haitong Zhengce He Chanye Yanjiuyuan 国泰海通政策和产业研究院), a major think tank.
Li’s briefing covered the crucial points:
- Crypto 101: The history and core characteristics of cryptocurrencies and stablecoins.
- Global Playbook: A look at international stablecoin development strategies and, importantly, regulatory frameworks.
- The Real Talk: An analysis of the opportunities and challenges ahead in the evolution of stablecoins.
- The Roadmap: Concrete recommendations for how to advance digital currencies within their sphere of influence.
This curriculum shows they’re past the “what is Bitcoin?” phase and are now asking, “How can we use this technology for our strategic advantage?”
He Qing’s Three-Point Mandate for a Digital Future
After the briefing, SASAC Director He Qing laid out the marching orders. This is the most important part.
He issued three key directives, linking the effort directly to the city’s highest strategic goals.
1. Embrace Innovation-Driven Development
- Mandate 1: Embrace Innovation-Driven Development – Focus: Strengthen research and exploration into digital currencies by SOEs.
- Mandate 2: Promote Industry-Digital Integration – Focus: Apply blockchain in cross-border trade, supply chain finance, and asset digitalization.
- Mandate 3: Foster Proactive Engagement – Focus: Integrate technology, finance, and industry to enhance strategic agility.
This isn’t a suggestion. It’s a command to “maintain a keen awareness of emerging technologies and strengthen research and exploration into digital currencies.”
The takeaway: State-owned enterprises (SOEs) are now expected to be fluent in digital currency and actively research its potential. No more sitting on the sidelines.
2. Promote Industry-Digital Integration
This is where it gets real. He Qing specifically called for exploring the application of blockchain technology in huge, tangible sectors:
- Cross-border trade
- Supply chain finance
- Asset digitalization
This is the classic China playbook: take a powerful new technology and immediately look to apply it at scale within massive, state-controlled industries. Digitalizing assets and streamlining trade with blockchain could unlock enormous efficiencies.
3. Foster Proactive Engagement
He Qing urged leaders to enhance their “strategic agility and proactivity.”
In plain English? Stop reacting and start leading.
The goal is to deeply integrate technology, finance, and industry. He wants state-owned assets and enterprises to play a bigger role in:
- Technological innovation
- Industrial control
- Security support
This is all in service of a larger ambition: helping Shanghai solidify its status as the “five centers”—global hubs for economy, finance, trade, shipping, and technological innovation.
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Why This Matters for Investors and Founders
A meeting like this is a smoke signal.
While China has been famously tough on speculative crypto trading, it has always been deeply interested in the underlying blockchain technology, especially for its own central bank digital currency (CBDC).
This session shows that the interest is now cascading down to the operational level of its most powerful economic engines—the SOEs.
For investors, this could point to future state-backed investment in blockchain infrastructure, supply chain tech, and digital asset platforms.
For founders, it provides a clear map of the enterprise problems that one of the world’s largest economies is trying to solve with this tech.
This isn’t about hype or a bull run. It’s about a calculated, strategic move by a global economic powerhouse.
Keep a close eye on the Shanghai SASAC’s next steps in cryptocurrency and stablecoin exploration; this is likely just the beginning.
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