Tong'an consumption festival integrates digital RMB to boost consumption
People participate in interactive activities at the Tong'an Consumption Festival in Xiamen, Fujian province. [Photo/xmnn.cn]
The 2022 Tong'an Consumption Festival was officially launched at Yango Town in Xiamen, Fujian province on May 22, providing various special offers and promoting the use of the digital RMB.
The festival includes four main events and a number of supporting activities based on shopping platforms, banks, commerce, and culture and tourism, and is themed around shopping, dining, traveling, and living consumption. The festival will run till the end of August.
This festival will be combined with a pilot promotion of the digital RMB, with the government distributing consumption subsidies and digital red packets, and businesses offering special subsidies based on banks and online platforms, to boost consumption and further assist Xiamen's development towards an international consumption-oriented city, according to managers from Tong'an district.
Seven banks including the Industrial and Commercial Bank of China, the Agricultural Bank of China, and the Bank of Communications will contribute to the promotion of the digital RMB in order to empower the consumption festival.
Representatives from seven banks sign up to participate in the festival in order to help promote the digital RMB. [Photo/WeChat account: xiamen_swj]
Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.