The idea of a token economy is gaining traction. The concept is still nascent, loosely defined and easy to dismiss as just another piece of artificial intelligence jargon. It is no surprise Chinese policymakers are quick to jump on the bandwagon. But in the Chinese context, there is a more concrete policy logic that deserves attention. It reflects an emerging attempt to reframe how energy, infrastructure and digital services interact, and in doing so, how China positions itself in the next phase...

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