Xiang Lipeng from the Ministry of Industry and Information Technology appeared on HTX Live: RWA could explode in 2024, Web3.0 will be realized earlier
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Xiang Lipeng from the Ministry of Industry and Information Technology appeared on HTX Live: RWA could explode in 2024, Web3.0 will be realized earlier
RWA is part of digital assets, whose core lies in linking digital finance with traditional assets. It is a favorable financial instrument for promoting the development of the digital economy and may explode in 2024.
Navigating Web3 tides with focused insightsOn October 18, Xiang Lipeng, Director of the Digital Economy Department at the Fifth Institute of the Ministry of Industry and Information Technology, appeared as a guest on HTX Live. Under the theme "China's Web3.0: RWA, Digital Economic Security, and the Metaverse," he delved into topics including China's digital economic security and anti-fraud measures, personal data privacy protection, and the development and regulation of emerging technologies.
Encouraging Technological Innovation to Accelerate Web3.0 Realization
During the live interview, Xiang Lipeng stated that Web3.0—characterized by "distributed networks, decentralization, and user ownership of data"—creates a more open, secure, and innovative environment that will rapidly advance the development of China’s digital economy.
He emphasized that Web3.0 is undoubtedly a major technological trend. Whether integrated with the metaverse, AI large models, or privacy-preserving computation technologies, it represents a field full of broad prospects and infinite possibilities. He affirmed that innovation and exploration in the Web3.0 space are strongly encouraged and supported.
According to Xiang Lipeng, Web3.0 has become a core focus of his work, with strategic initiatives already underway across multiple dimensions including policy formulation, technical tools, verification standards, ecosystem development, and guidance funds. Moreover, traditional state-owned enterprises, government agencies, and internet companies are also quietly advancing their own Web3.0 strategies. Xiang confidently stated that Web3.0 will be realized earlier than the metaverse.
RWA May Explode in 2024
Regarding RWA (Real World Assets tokenization), which has drawn significant attention this year, Xiang Lipeng noted that RWA is part of digital assets and fundamentally links digital finance with traditional assets. As a favorable financial tool for advancing the digital economy, RWA may experience explosive growth in 2024.
Xiang analyzed that the advantages of RWA are mainly reflected in the following aspects:
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Enhancing liquidity and tradability of traditional assets: Through digitization, RWA can transform traditional assets into liquid forms, thereby increasing trading efficiency and market liquidity.
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Reducing transaction costs: Compared to traditional assets, RWA transactions incur lower costs. Digital trading platforms significantly reduce intermediaries and paperwork, cutting overall transaction expenses.
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Expanding financial inclusivity: The popularization of RWA enables broader access to financial markets. It democratizes asset ownership and allows more individuals to participate in investment, thus enhancing financial inclusion.
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Strengthening transparency and verifiability: Built on blockchain technology, RWA provides transparent, traceable, and tamper-proof transaction records. This enhances verifiability, allowing investors to clearly assess the authenticity and credibility of their investments, offering greater decision-making security.
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Diversity of RWA assets: RWA can be linked to a wide variety of physical and traditional assets, enabling investors to build highly diversified portfolios that meet different investment needs.
However, Xiang also pointed out that RWA faces challenges such as regulatory compliance and data privacy issues, making its implementation difficult in China in the short term.
Multidimensional Approaches to Data Privacy and Anti-Fraud
Undeniably, in the era of the digital economy, while data flow and sharing generate new value, they also raise a series of concerns related to data privacy and security.
To address data privacy and anti-fraud issues, Xiang stated that the MIIT has taken proactive measures across multiple levels:
At the policy level, three cornerstone laws have been introduced in the digital economy sector—the Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law—forming the core legal framework for data compliance in China;
At the regulatory level, oversight of cybersecurity and compliance has been strengthened, covering major telecom operators and internet companies such as Baidu, JD.com, Alibaba, and Tencent. Companies are also encouraged to voluntarily disclose how they use personal data;
At the technological level, enterprises are encouraged to strengthen technological innovation to improve data privacy protection and anti-fraud capabilities, promoting the development and application of relevant technologies;
At the education and awareness level, efforts are being made to enhance training and public outreach to raise awareness among employees and the general public about data privacy and fraud prevention.
Xiang also stressed that consumers should strengthen their own cybersecurity awareness, use internet products and services responsibly, and protect their data and privacy. Additionally, when encountering privacy breaches or online fraud, consumers should seek official channels for resolution—such as contacting the Internet Illegal and Spam Information Reporting Center—and actively cooperate with regulators during investigations.
With the rapid development of the crypto market, growing transaction volumes and innovative models bring increasingly significant risks. HTX stated during the livestream that it will continue innovating while opposing fraud, building a safer, fairer, and more transparent environment for the development of the crypto market.
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