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Beijing lays the path for digital renminbi growth

China Daily | Updated: 2021-09-08 07:24

A staff member of the Bank of Communications Beijing Branch instructs a visitor to open a digital RMB wallet on a mobile phone at Beijing Happy Valley, on June 16, 2021. [Photo/Xinhua]

The digital renminbi was showcased at the 2021 China International Fair for Trade in Services held in Beijing from Sept 2 to 7. From digital wallets and diversified cultural and creative products to unmanned supermarkets, mobile convenience stores and other consumption scenarios, visitors could experience different ways of using the digital currency at the fair.

For example, a digital renminbi avenue allowed visitors to experience different digital renminbi wallet scenarios, such as buying coffee, charging their mobile phones with shared chargers or purchasing cultural and creative products. Such demonstrations will enhance the public's understanding and acceptance of the digital currency.

Digitalization is the main development trend of the financial services industry. The avenue also reflected China's determination and ability to build a digital financing demonstration area with global influence.

A series of forums and summits were also held in the financial services exhibition area to demonstrate the achievements of the continuous opening-up of China's financial sector, sending a positive signal to the outside world.

Finance is the lifeblood of the real economy and the core component of the modern service industry. As an important part of global trade in services, the financial sector is key to China opening up its service sector. With the support of the financial regulatory authorities, Beijing has seized the development opportunities created by the opening up of the financial sector and policy dividends to create a digital finance demonstration zone and promote financial technology innovation.

Digital finance is a key part of Beijing's new role. For example, the Lize financial business zone is an emerging financial industry hub and the capital's financial reform pilot area. The People's Bank of China has established the Digital Currency Research Institute in the Lize business zone with the aim of integrating the advantages of technological resources to create a digital currency technology and application ecosystem.

By leveraging the advantages of the Lize zone, Beijing's Fengtai district is promoting the pilot application of the digital renminbi in an all-round way and building a digital renminbi application ecosystem.

With the rollout of the digital renminbi, Beijing is becoming a strong hub for the development of digital finance. Applying Beijing's experiences nationwide will enable China to help boost the global economic recovery.

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