China’s Suzhou: Promoting Digital RMB Transactions To Reach 2 Trillion

According to China Jiangsu Net News, on February 1, Suzhou held a city-wide digital RMB (e-CNY) pilot promotion meeting and annual summary meeting and released the “Three-Year Action Plan for the Development of Suzhou’s Digital Financial Industry (2023-2025)”, a batch of newly settled digital renminbi laboratories were unveiled, and a number of key digital renminbi projects were signed.
China's Suzhou: Promoting Digital RMB Transactions To Reach 2 Trillion

Suzhou proposed that in 2023, the target amount of digital RMB transactions is 2 trillion yuan, the amount of digital renminbi small and medium-sized enterprise loans exceed 200 billion yuan, and the payment field of people’s livelihood services be fully covered by digital renminbi.

The city will focus on making good use of the advantages of agglomeration of enterprises in the digital financial ecosystem, attracting more headquarter-level and headquarters-level digital financial laboratories to settle down, cultivating more digital financial enterprises, and gradually forming a central bank with a prominent core position as a professional platform, headquartered financial institutions, innovative experiments.

China's Suzhou: Promoting Digital RMB Transactions To Reach 2 Trillion

In 2023, the goal is to add 200 new companies to the digital financial ecosystem to improve the energy level of the digital financial industry. As one of the first batches of digital renminbi pilot cities in the country, Suzhou’s digital renminbi pilot work has achieved remarkable results.

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Gu Haidong, member of the Standing Committee of the Suzhou Municipal Committee and deputy mayor, said that Suzhou would strengthen the summary of pilot experience and typical case promotion, forming a batch of digital renminbi application demonstration projects.

“Suzhou must not only maintain its leading position, but also form a good model to promote across the province and the whole country, so as to provide a broader market space for Suzhou’s digital financial enterprises.”

As of the end of last year, the cumulative transaction amount of digital renminbi in Suzhou exceeded 340 billion yuan, personal wallets exceeded 30.54 million, and pilot scenarios exceeded 930,000.

The city used digital renminbi to issue financial rewards and subsidies of more than 40 billion yuan. It was the first in the country to be approved by the People’s Bank of China to carry out the pilot work of digital renminbi to issue loans to small and micro enterprises, and the accumulated loan amount has exceeded 18.7 billion yuan, leading the country in various core indicators.

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