Beijing, Guangdong, Shanghai All Stress Digital Renminbi, Financial Opening in 2021 Government Work Reports

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Several of China’s biggest regional economies have outlined plans to accelerate digital renminbi trials and financial opening measures in their government work reports for 2021.

At the recent release of their respective government work reports Shanghai mayor Gong Zheng (龚正) and Beijing mayor Chen Jining (陈吉宁) both said that 2021 would be the year for advancing digital renminbi trials in their cities, while Guangdong province governor Ma Xingrui (马兴瑞) said that in 2021 the province would create a digital renminbi innovation trial zone.

Beijing’s government work report said that the municipal government would “vigorously support financial opening,” highlighting six points in particular:

  1. Taking the lead in the implementation of national financial opening policies.
  2. Unveiling and implementing plans for two reform innovation trial zones – one for green finance and one for tech finance.
  3. Accelerating the establishment of innovation demonstration zones for fintech and professional services.
  4. Driving digital renminbi trial applications, improving regulatory sandbox implementation mechanisms.
  5. Driving reforms of the New Third Board.
  6. Accelerating the establishment of a financial law court.

Shanghai’s government work report called for continuing to drive opening of the financial sector and advance digital renminbi trials, while the Guangdong province report highlighted the establishment of a digital renminbi innovation trial zone and a trading platform for natural resource assets.

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