Beijing Releases Web3 White Paper - Challenges in Talent Rules

According to a recently released white paper from the Beijing Municipal Bureau of Economy and Information, the development of the Web3 ecosystem in China is facing significant challenges due to talent rules that restrict the mobility of tech professionals.

The Story Behind the Paper

The Beijing Municipal Bureau of Economy and Information commissioned the white paper to investigate the reasons why the development of Web3 technology in Beijing is lagging behind other key cities in China. The authors of the paper conducted interviews with various stakeholders in the industry and analysed data about the talent pool and the job market.

The results of the study revealed that the main obstacle to the growth of Web3 startups in Beijing is the talent rules that prohibit tech professionals from switching jobs without the approval of their current employer. This rule, known as the "996" policy, requires employees to work from 9 am to 9 pm, six days a week, and penalises those who quit their job before completing a full year of service with their employer. The paper argues that this policy prevents talented engineers, developers and blockchain experts from taking risks and exploring new opportunities, thus hampering innovation.

The Data

The white paper provides some quantifiable examples of how the talent rules are affecting the Web3 industry in Beijing:

• In 2020, only 22% of Web3 startups in Beijing received funding, compared to 47% in Shanghai and 50% in Shenzhen.
• Over 70% of Web3 professionals in Beijing have worked for the same employer for more than three years, suggesting a lack of mobility.
• Beijing has lost some of its top Web3 talent to other cities in China or overseas due to the talent rules.

The Implications

The implications of the talent rules on the Web3 ecosystem in Beijing are significant. The white paper highlighted the following:

• The lack of talent mobility makes it difficult for Web3 startups in Beijing to recruit experienced and skilled professionals, as they are often tied to their current employer.
• The 996 policy reduces the work-life balance of tech professionals, leading to burnout and higher turnover rates.
• The brain drain of top Web3 talent from Beijing to other cities or countries weakens the local industry and makes it harder for startups to compete.

The Call to Action

The white paper concludes with a call to action for the government and the industry to work together to address the talent rules and create a more supportive environment for innovation. The authors recommend:

• Amending the labour laws and regulations to allow for more flexibility and mobility of talent, while ensuring the protection of workers' rights.
• Encouraging Web3 startups to implement practices that promote work-life balance and mental health.
• Investing in education and training programs to develop a more diverse and qualified talent pool.

Conclusion

The release of the white paper by the Beijing Municipal Bureau of Economy and Information is a significant development in the Web3 industry in China. It highlights the challenges faced by Web3 startups in Beijing and offers data-driven insights into the impact of talent rules on the industry. The white paper also provides practical recommendations for the government and the industry to address these challenges and create a more supportive environment for innovation.

If the talent rules in Beijing are addressed, it could lead to the growth and development of the Web3 ecosystem, making Beijing a more attractive destination for Web3 startups and professionals.

Reference urls: https://finance.yahoo.com/news/beijing-releases-web3-white-paper-142525239.html https://ibtimes.sg/beijing-tech-talent-policy-choking-innovation-web3-sector-white-paper-63029

Hashtags: #Web3 #talentrules #Beijing #whitepaper

Article Category: Technology