Shanghai Hopes to Expand Digital Renminbi Applications with New Digital Transformation Plan

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The Shanghai municipal government has issued a new digital transformation plan that highlights greater use of the digital renminbi for both online and offline purposes.

On 27 October the Shanghai municipal government issued the “Shanghai 14th Five Year Plan for Comprehensively Driving the Digital Transformation of the City” (上海市全面推进城市数字化转型“十四五”规划).

The Plan calls for “undertaking digital renminbi trials, and expanding application scenarios in areas including online and offline payments, transit and transportation, government services and everyday life.”

Shanghai’s recent “Wu Wu Huanle” ( 五五欢乐) digital renminbi campaign saw the issuance of a total of 19.25 million yuan in the digital renminbi to 350,000 residents of the city via a lottery, in order to expedite its usage locally.

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