Beijing Municipal Authorities to Establish More Digital Renminbi Testing Zones, Digital Finance System and Data Trading Regulations

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The Beijing municipal government has flagged the launch of more trial zones for China’s central bank digital currency (CBDC), as well as efforts to establish a “digital finance system.”

Zhang Jinsong (张劲松), deputy-secretary of the Beijing municipal government, said that Beijing would “continue to drive the establishment of statutory digital currency trial zones and digital financial systems, and explore the formulation of cross-border data flow and trading regulations.”

Zhang made the remarks on 27 November at the 2020 Beijing International Financial Security Forum (2020北京国际金融安全论坛).

“Beijing possesses excellent conditions and real demand for the development of a modern financial sector and fintech sector,” said Zhang.

“The financial sector has already become the first pillar industry of Beijing, and will effectively drive more high-quality resources to be allocated to key spheres with advanced industries, guiding a comprehensive upgrade and renewal of Beijing industry.”

Zhang remarks arrive shortly following the release of the “China (Beijing) Free Trade Pilot Zone General Plan” (中国(北京)自由贸易试验区总体方案) by the Chinese central government on 21 September, outlining a slew of digital currency and fintech related measures for the national capital. 

These include the creation of a trial zone for statutory digital currency, and supporting the establishment of a fintech centre by the People’s Bank of China (PBOC) Digital Currency Research Institute.

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