Qingdao to Create Digital Renminbi Ecosystem


The Shandong province port city of Qingdao says it will drive the creation of a digital renminbi “ecosystem” as part of broader efforts to drive regional fintech development.

The Qingdao financial authorities and the Qingdao branch of the Chinese central bank have just jointly issued the “Guidance Opinions on Expediting Fintech Development” (关于促进金融科技发展的指导意见).

The Opinions call for “driving digital renminbi trial applications and creating a digital renminbi ecosystem,” as well as “broadening application areas, engaging in innovation of application scenarios, making full use of the general and inclusive nature of the digital renminbi, and satisfying the continually increasing demands of the people for digitised payments.”

Qingdao recently held a 10 million yuan digital renminbi giveaway campaign as part of the city’s highly renowned beer festival, which is held annually in the months of July and August.