Chinese Communist Party officials issue KPIs for e-CNY transactions in Suzhou

Published at: Feb. 2, 2023

According to local news outlet JS China, on Feb. 1, an annual meeting regarding the trial of the digital yuan central bank digital currency (e-CNY CBDC) was attended by senior Communist Party officials in the City of Suzhou. As part of the meeting outcomes, party officials have set a tentative key performance indicator (KPI) of 2 trillion CNY ($300 billion) for e-CNY CBDC transactions in the city by the end of 2023 to be implemented by municipal administrators through promotional efforts. 

Officials have also set a target of processing $30 billion in e-CNY loans for small and mid-sized businesses in Suzhou by the end of the year. In 2022, e-CNY transactions in the city surpassed 340 billion CNY ($50.5 billion) at 930,000 local businesses and government offices, with over 30.54 million digital wallet downloads. Total financial incentives related to the e-CNY amounted to 40 billion CNY ($5.9 billion), while 18.7 billion ($2.78 billion) in e-CNY loans were issued.

Related: Asia Express; China’s NFT market, Moutai metaverse popular but buggy…

Simultaneous to the e-CNY KPIs, local administrators are required to oversee the development of at least 1,000 firms in the digital financial technology sector within Suzhou specializing in the artificial intelligence, data, cloud computing, blockchain and machine learning fields by 2025, up from 371 currently. A translated excerpt of the City of Suzhou plan reads:

"By 2025, the People's Bank of China's digital assets data monitoring platform, finance and commodities blockchain-powered exchange, internet of things payment solution, and fintech lab will have produced tangible results. This would incentivize the development of the digital finance ecosystem and synergize well with the existing financial sector within the City of Suzhou."
Tags
Blockchain
Business
China
Cryptocurrencies
Cbdc
Yuan
Related Posts
China’s CBDC Adoption Plan Puts Domestic Monetary Control at Forefront
Central bank digital currencies continue to be a popular topic of discussion within the crypto and broader financial circle, with China often dominating the headlines owing to the progress of its planned digital yuan project. On June 22, a former central bank senior official revealed that the country had completed the backend infrastructure for its planned CBDC. While China’s proposed digital currency electronic payment, or DCEP, system has been some time in the making, the emergence of Facebook’s Libra in 2019 reportedly triggered an accelerated developmental path. Indeed, Libra’s original plan for a token backed by a basket of fiat …
Technology / June 23, 2020
Bank Of China Says Digital Yuan Will Not Cause Inflation
The Bank of China’s secretive digital currency tests have led to tremendous curiosity among Chinese citizens. Recently, the bank responded with an official explanation of the proposed digital Yuan and how it would work. A bank representative confirmed on the China Central Television on April 19 that the new digital currency (also referred to as DC/EP, for “digital currency/electronic payment”) pilot test has been carried out in the cities of Shenzhen, Suzhou, Xiongan new area, Chengdu, and the future site of the winter Olympics. However the researcher stressed that these current tests do not imply that the digital Yuan has …
Blockchain / April 19, 2020
PBoC governor says digital yuan to be more privacy-enhanced than payment apps
During a virtual video session at the Bank of Finland Institute for Emerging Economies' 30th Anniversary Conference, People's Bank of China governor Gang Yi discussed recent developments regarding the country's central bank digital currency, or CBDC, known as the digital yuan (e-CNY). Gang specifically addressed the issue of privacy surrounding the Digital Yuan in the following statement, as translated by Cointelegraph: We are taking a high degree of focus on issues surrounding the security of personal information and the digital yuan and have made relevant regulatory and technological adjustments to meet this objective. We have adopted a principle of anonymity …
Adoption / Nov. 9, 2021
More than 2.6 million users signed up for the City of Shenzhen's digital yuan airdrop
According to data obtained from local news outlet Sohu.com, the Shenzhen Chamber of Commerce has recorded over 2.6 million signups for its latest digital yuan, or e-CNY, airdrop. Two months prior, the City of Shenzhen announced that it would be airdropping 30 million of the e-CNY central bank digital currency, or CBDC, to local residents to stimulate consumer spending as a recovery measure to the country's strict coronavirus lockdown. Users who received the airdrops through a randomized lottery selection could then spend the e-CNY vouchers at various participating merchants' terminals on Meituan, one of China's leading e-commerce platforms. The event, …
Technology / July 14, 2022
China begins next phase of CBDC testing with e-CNY payment for public transport
According to multiple sources, on Tuesday, China officially began rolling out the next round of its central bank digital currency (CBDC) pilot test program. In the city of Guanzhou, it is now possible to pay for public bus rides with the digital yuan (e-CNY) CBDC on 10 transit routes, the first ever in the country. To do so, passengers simply need to download the e-CNY app, deposit funds, and scan the QR code located in the bus payment section to pay for their ride. Similarly, the day before, the city of Ningbo said that passengers could now pay for subway …
Adoption / Aug. 23, 2022