Beijing Focuses on Building a Digital Financial Ecosystem, Promoting the Full-Scenario Application of Digital RMB

Beijing Focuses on Building a Digital Financial Ecosystem, Promoting the Full-Scenario Application of Digital RMBOn July 31, the People's Bank of China Beijing Branch and the State Administration of Foreign Exchange Beijing Branch jointly held a press conference to announce the financial statistics of Beijing in the first half of 2024 and introduce the progress of the "Five Major Articles" in the financial field. Among them, Yu Jian, director of the Monetary Credit Management Division of the People's Bank of China Beijing Branch, elaborated on the relevant measures in promoting the construction of the capital's digital financial ecosystem

Beijing Focuses on Building a Digital Financial Ecosystem, Promoting the Full-Scenario Application of Digital RMB

On July 31, the People's Bank of China Beijing Branch and the State Administration of Foreign Exchange Beijing Branch jointly held a press conference to announce the financial statistics of Beijing in the first half of 2024 and introduce the progress of the "Five Major Articles" in the financial field. Among them, Yu Jian, director of the Monetary Credit Management Division of the People's Bank of China Beijing Branch, elaborated on the relevant measures in promoting the construction of the capital's digital financial ecosystem.

Yu Jian pointed out that Beijing's financial regulatory authorities have continuously strengthened the integrated application of financial data and government data to enhance bank credit identification and lending capabilities. This measure aims to better understand the operating conditions of enterprises through data sharing and analysis, reduce credit risks, improve credit efficiency, and ultimately achieve more precise financial services.

In addition, Beijing's financial regulatory authorities actively guide financial institutions within their jurisdiction to undergo digital transformation, encourage banks to participate in the testing of financial technology innovation regulatory tools, and apply digital technologies to areas such as fintech, inclusive finance, green finance, and pension finance. This measure aims to promote innovation in financial service models, improve financial service efficiency and coverage, and provide more diversified financial support for the development of the real economy.

In terms of the promotion and application of digital RMB, Beijing has also made significant progress. Currently, Beijing has implemented nearly 686,000 digital RMB scenarios online and offline, covering various aspects such as clothing, food, housing, and transportation, and has achieved full coverage of digital RMB tax payment scenarios. At the same time, some areas have begun to experiment with paying wages to employees of enterprises and institutions in the form of digital RMB, exploring more possibilities for digital RMB in the field of payments.

As a new payment instrument, digital RMB has characteristics such as security, efficiency, and convenience. Its full-scenario application will further promote the digital transformation of Beijing's financial services, promote the deep integration of finance and the real economy, and inject new vitality into the capital's economic development.

This press conference conveyed the importance and determination of Beijing's financial regulatory authorities in building a digital financial ecosystem, and also showcased the achievements of Beijing in promoting the application of digital RMB. In the future, Beijing will continue to deepen the construction of the digital financial ecosystem, promote the application of digital RMB on a larger scale, and provide strong financial support for building a world-class harmonious and livable city.