Reposted from: China Economic Times
Zhang Wei
Recently, the digital renminbi pilot area has been further expanded. Relevant experts said in an interview with the China Economic Times that the pilot expansion of the digital renminbi not only meets the needs of the continuous development of the digital economy, but also helps promote the recovery of consumption.
The expansion of the digital renminbi pilot area has expanded from Shenzhen, Suzhou, Xiongan, and Chengdu to Guangdong, Jiangsu, Hebei, and Sichuan provinces, and added Jinan City in Shandong Province, Nanning City, Fangchenggang City in Guangxi Zhuang Autonomous Region, and Kunming City in Yunnan Province. City and Xishuangbanna Dai Autonomous Prefecture as pilot areas.
Wu Qi, executive director of the Wuxi Digital Economy Research Institute, said in an interview with the China Economic Times that on the one hand, with the previous trials, more experience has been accumulated in the construction of digital RMB infrastructure and application scenarios, and technological innovation. The payment platform joined the digital renminbi acceptance network, laying the foundation for further expansion of the pilot. On the other hand, the role of digital renminbi in serving people’s livelihood and stimulating consumption has become increasingly prominent, and it will provide assistance for local governments to promote consumption recovery.
In an interview with the China Economic Times, Yu Baicheng, president of the Zero One Research Institute, said that the digital renminbi has been piloted for more than two years, and it has formed a replicable and promotional model in the fields of wholesale and retail, catering, cultural tourism, and government payment related to people’s livelihood. application mode. Recently, the pilot program of digital renminbi has continued to advance, and the pilot area and usage scenarios have been further expanded. In particular, the addition of Alipay to the digital renminbi acceptance network is a key progress in the expansion of the digital renminbi pilot.
Regarding the further promotion of the use of digital renminbi, Wu Qi said that the first is how to better fit with economic and social development and accelerate its application in the fields of industrial Internet, cross-border trade, smart cities, and public services. Payment, cross-border payment and other fields will be extended to accelerate the expansion of digital RMB market players and users. The second is how to effectively guarantee transaction security and payment efficiency while improving user experience, especially data security and user privacy. It is necessary to establish a sound regulatory system and strengthen publicity and education for users.
Ma Changfeng, director of the Digital Finance Research Center of the Shanghai National Accounting Institute, suggested in an interview with the China Economic Times that, first, strengthen the promotion of digital renminbi applications, especially the promotion of offline payment functions. Second, increase the usage scenarios of digital renminbi, and increase the launch and discounts in daily consumption occasions such as food, clothing, housing and transportation. Third, strengthen cooperation with platform companies. He believes that in the long run, only the digital renminbi can be used across platforms and is more interoperable.
“It can be seen that the focus of the digital renminbi experiment in the past year is shifting from the C-end (consumers) to the B-end (enterprise merchants) and G-end (government, public institutions).” The Times said in an interview that if the digital renminbi is to be continuously promoted independently by the industry, it is necessary to give full play to the decisive role of the market in resource allocation and find a distribution method that can benefit all parties in the industry in the long run. The most fundamental thing to increase the user frequency of digital renminbi is to better integrate with the industry and bring out the true value of digital renminbi, so that users can increase the frequency of use through BC linkage.
Since the beginning of this year, the issuance of digital renminbi red envelopes and consumer coupons has become a measure to promote consumption and stabilize growth in various places. Since Meituan launched digital renminbi payment in various scenarios on the platform in January this year, nearly 10 million users have received consumer red envelopes on Meituan, and more than 1.2 million small and medium-sized merchants in pilot areas across the country have benefited. Wang Pengbo said that the use of digital renminbi in the Meituan scene is different from the one-time red envelope. It will continue to improve the “blood-making” capabilities of small, medium and micro enterprises through methods such as full discount coupons, and combine the existing products and scene coverage capabilities of the Internet platform to derive existing It is a promotion model that is conducive to the high-frequency use of digital renminbi and has great benefits for the platform itself and the merchants it serves.
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