In a 2021-25 industrial development plan the Luohu district government of Shenzhen published on Tuesday, it vows to promote mobile payment and internationalization of digital renminbi.

It should not be forgotten that it was also in Luohu that the digital renminbi was launched through a large-scale pilot project for the first time in the country in October last year.

Notably, the governments of Beijing, Shanghai and Guangdong also include piloting wider application of digital renminbi in their work reports and five-year development plan.

This has raised people’s expectation for the digital renminbi. As a digital currency issued by the central bank, its legitimacy, stability and solid endorsement are unquestioned. The internationalization and mobile payment of the renminbi are paving way for the digital version. And the popularization of mobile payment terminals and the advancement of information technology have laid the foundation for a wide range of applications.

Particularly, the COVID-19 epidemic has raised public recognition and acceptance of the digital economy, non-contact e-payment and statutory digital currency.

As an important infrastructure of finance in the digital era, digital currency will be a key point in the competition in the future monetary market. By promoting the application of digital renminbi, and accelerating the internationalization of it, China can improve the operation efficiency of its payment system and financial system, which is conducive to safeguarding its economic and financial security, as well as improving its financial supervision, governance of digital economy and international cooperation.