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Zhejiang's Yiwu releases 10 measures for digital renminbi pilot

chinadaily.com.cn| Updated: March 27, 2023 L M S

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A merchant showcases the use of the digital renminbi at the Yiwu International Trade Market. [Photo by Gong Shuhong for Zhejiang Daily]

The Joint Office of the Yiwu Digital Renminbi Pilot Task Force released the "Plan on Deepening Pilot Work on the Digital Renminbi in the Yiwu International Trade Market" on March 22, outlining 10 measures to bolster the pilot.

According to the plan, Yiwu will build a digital renminbi circulation ecosystem with the participation of multiple industries, relying on its mature commercial and trade environment.

An environment for the barrier-free use of digital renminbi will be created, promoting a convenient, efficient, fair, competitive, stable, and transparent business environment.

Yiwu boasts more than 2.1 million small and medium-sized enterprises and trade relations with over 230 countries and regions worldwide. With an outward orientation of up to 65 percent, the city has been dubbed the "World Supermarket," with an extensive range of payment application scenarios.

Yiwu aims to achieve a coverage rate of 90 percent for offline merchant payment scenarios and over 95 percent coverage rate for the online platform Chinagoods by the end of 2023.

The city also plans to establish three major platforms for digital renminbi prepaid fund supervision, supply chains and trade supervision, and form replicable and scalable commercial application models.