Token demand is skyrocketing nationwide as the AI industry pivots from large-model and computing-power competition toward large-scale agent deployment and monetization. According to the 2026 AI Infrastructure Development Research Report for the Agent Era, published by the China Telecom Research Institute, the country's total token consumption is set to explode.

Rao Shaoyang, director of the institute's Industry and Enterprise Strategy Research Institute, projects that China will consume 1 quintillion tokens in 2026, a figure that will surge beyond 350 quintillion by 2030 — representing a compound annual growth rate of nearly 12 times. In response, local governments across the country are rolling out measures to accelerate the growth of their regional token economies.

Policy evolution shifts from hardware to usage

Across multiple regions, the focus is moving away from a simple race to build raw computing capacity. Instead, it is evolving into a more nuanced, differentiated strategy that encompasses innovation subsidies, infrastructure development, application scenarios, and financial instruments. Local support policies are transitioning from subsidizing computing power to subsidizing tokens — pivoting away from heavy capital expenditure on servers and GPUs toward ongoing operational costs like model invocation and token consumption.

On September 11, Chengdu unveiled its Implementation Plan for Token Vouchers (Trial) for public comment. Under the proposal, the city would issue up to 100 million yuan in token vouchers annually, with individual entities receiving support capped at 30% of their actual purchase amount — 50% for small and micro enterprises — and a maximum of 2 million yuan per applicant. These vouchers are designed to fund lightweight AI ventures such as large-model API calls, intelligent agent development, and model fine-tuning.

On the infrastructure front, cities are actively constructing token factories and upgrading computing networks, transforming raw compute resources into standardized, deliverable token services. Beijing has already commissioned two such facilities: the Beijing No. 1 Token Factory and the city's first state-owned token factory, Jingsuan Token Factory. These operations manufacture tokens on an assembly-line model, offering enterprises zero-barrier, low-cost access to AI computing power.

Meanwhile, translating tokens into concrete benefits for specific industries — boosting urban governance and industrial transformation — has become a key regional priority. Chongqing is answering this challenge with a token test bed built around four pillars: industrial manufacturing, urban governance, healthcare, and logistics. In manufacturing, for instance, tokens are being deeply woven into the entire "production, supply, sales, and service" chain, converting industrial data into high-value token assets. For urban governance, the city is pushing "machine replacement" initiatives in high-risk operations, creating highly intelligent and scalable token innovation models.

A suite of new financial instruments is also emerging to channel capital into corporate AI development. On September 9, the Chongqing Big Data Application and Development Administration released its Action Plan for Cultivating the Token Economy (2026–2028) for public feedback. The plan explicitly encourages financial institutions to explore innovative models like "computing power banks" and "token vouchers plus token loans," pioneer REITs structures in the data infrastructure space, and develop financial products centered on computing infrastructure, high-value token dataset construction, and intelligent agent clusters.

Zhu Keli, founding dean of the Guoyan New Economy Research Institute, notes that regions are racing to seize the new track of the intelligent economy by treating tokens as a fresh type of production factor in the digital age. Building on their unique resource endowments, these regions are leveraging token ecosystems to drive digital transformation across local industries, cultivating new quality productive forces and carving out differentiated, efficient development paths.

Listed companies stake their claims

Seizing the industrial opportunity, listed companies are leveraging their computing power and data strengths to actively enter the token economy. The most popular entry point is the token factory, where companies package computing capacity into standardized services. Preliminary statistics show that over ten listed firms have announced token factory ventures this year alone.

For example, in August, Gentech Intelligent Technology Co., Ltd. announced a partnership with Yuxin Electronic Information Technology Group Co., Ltd. to establish a token factory in Zhengzhou. This facility is designed to draw computing resources from the Central Plains Computing Network downstream while connecting upstream to model services, industry applications, and customer demand — delivering standardized, operational token capabilities to the central region.

Data-focused enterprises, meanwhile, are zeroing in on the "raw materials" side of the equation. Through data governance and high-quality dataset construction, they are supplying tokens with industry-specific, high-density, and compliant data support. For instance, Beijing Hightrust Technology Co., Ltd. revealed in an investor briefing that it is building industry-grade, high-quality datasets based on local characteristics and pursuing scenario-specific model development and deployment — providing a steady, high-caliber source for token output.

Guo Tao, deputy director of the China E-Commerce Expert Service Center, believes the future will see token supply become far more refined. The industry's focus, he says, will shift away from merely churning out token volumes and toward delivering and verifying tangible business value.