Beijing Will “Strive” to Achieve Digital Renminbi Breakthroughs, New Free Trade Zone to Have Digital Focus

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The Beijing municipal authorities say that the digital economy will be a key focal point for the city’s upcoming free trade zone.

President Xi Jinping said that the Chinese central government had given its support to the creation by Beijing of a “national services sector expanded opening comprehensive demonstration zone” (国家服务业扩大开放综合示范区), and a free trade pilot zone that focuses on technological innovation, opening of the services sector and the digital economy.

Xi made the remarks on 4 September at the China International Fair for Trade in Services.

Beijing mayor Chen Jining (陈吉宁), said that Beijing free trade zone would focus on digital trade and tech innovations, and the three areas of:

  • A digital trade pilot zone;
  • A big data exchange;
  • Cross-border data flows regulation.

Beijing deputy-mayor Yin Yong (殷勇), also said that Beijing would strive to achieve “leading breakthroughs” in the application of digital currency, beginning with the sites for the Winter Olympics.

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