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㈠ How many "thorns" will be encountered on the road to digital currency issuance

(1) Issues in the implementation of legal digital currency technology

Blockchain It is the core technology of private digital currency and also provides ideas for the technical implementation of my country's legal digital currency. In 2017, the People's Bank of China successfully tested a digital bill trading platform based on blockchain technology, and in 2018, it successfully tested a blockchain trade financing platform. Our country has further strengthened its research on central bank digital currency in the blockchain area. However, there are technical shortcomings in the legal digital currency based on the blockchain, which makes the safe development of our country's legal digital currency have technical loopholes.

Legal digital currency has technical implementation difficulties, and the underlying technology of legal digital currency based on blockchain is not mature. First of all, the blockchain is a chain of transaction information records arranged strictly in chronological order and cannot be tampered with. Based on this characteristic, the accuracy and integrity of data recorded in the blockchain are strong. However, once the technical network is breached by hackers, this irreversible characteristic will cause irreversible economic losses to users. Secondly, my country has a large population and uneven economic development levels, which poses challenges to legal digital currency in achieving cross-regional, high-frequency, large-amount transactions and rapid system response.

At present, the blockchain data processing speed is only 6.67 times/second, with long synchronization time, large data redundancy, and low system throughput; and the maximum traffic peak of Tmall during the "Double 11" in 2020 can be Reaching 583,000 transactions/second. The transaction frequency of blockchain is far from meeting people's daily payment needs and large-scale transactions of stable digital currencies in the future. Finally, there are problems in the implementation of legal digital currency technology. my country's legal digital currency has great advantages in theoretical analysis, but in practice, it is difficult to achieve rapid collection, processing, monitoring and analysis of massive data, and implement efficient and accurate Programmable operation is also one of the problems currently faced by legal digital currencies at the technical level.

There are also technical difficulties in the circulation environment of legal digital currency. The promotion of legal digital currencies requires the support of corresponding software and hardware infrastructure, the establishment of a broad circulation platform, and compatibility with digital currencies on the basis of the original business. First of all, my country’s support for professional and technical personnel and terminal equipment is relatively scarce. The basic database is seriously fragmented and the phenomenon of “data islands” is obvious. It is even more difficult to promote legal digital currency. Secondly, legal digital currency circulation outlets need to spend a lot of money. Labor costs, capital and time costs are used to upgrade technology, software and hardware facilities. The upgrading of digital currency payment machines by enterprises, merchants and other major financial service institutions will take some time for the public to adapt. This not only increases economic operating costs and causes efficiency losses, but also makes it difficult to build a legal digital currency circulation environment in a short period of time.

(2) The impact of legal digital currency on traditional commercial banks

my country’s legal digital currencyThe digital currency will adopt a "central bank-commercial bank" two-tier investment model, with the central bank issuing currency and providing exchange and circulation services to the public through commercial banks. This binary model digital technology will inevitably cause innovation in the financial system and monetary system, which will create transformation pressure on the business philosophy, business model, and business environment of my country's traditional commercial banks. First of all, this is reflected in the traditional cash business of commercial banks. Based on the positioning of legal digital currency, the currency in circulation, namely M0, will be mainly replaced.

This will have a huge impact on the cash transfer, escort, circulation, and counterfeit banknote businesses of commercial banks. The demand for traditional cash counting, teller and other positions will be reduced, reshaping the management system of commercial banks, and at the same time increasing business Banks are under pressure to absorb deposits. Secondly, due to the emergence of digital currency, cash liquidity in the commercial banking system will gradually decline. The existing technical system cannot meet the operating space of legal digital currency, which will put higher requirements on the basic information system of commercial banks. At the same time, the main functions of commercial banks will shift to agents and other roles, greatly reducing their profit margins.

The development of legal digital currencies has impacted the credit system of commercial banks, increasing the pressure on demand deposits and greatly reducing the space for money creation. The central bank plays a role in regulating and supervising commercial banks. The issuance of legal digital renminbi has added a layer of competition between the central bank and commercial banks. When the economy is depressed or the economic environment is unstable, people are more likely to store their currencies in the central bank's credit system and convert their deposits into legal digital currencies to avoid risks. The emergence of legal digital currency will cause the scale of current deposits of commercial banks to decrease, cash leakage to increase, financial disintermediation to accelerate, the currency multiplier to weaken, and the ability of commercial banks to create credit money to decline, leading to a decline in the overall liquidity of society.

The application of legal digital currency will greatly reduce people's desire to hold cash, increase the conversion rate of financial assets, and increase the instability of the asset and liability side of commercial banks. Legal digital currencies make it easier for the public to convert deposits and financial assets, blurring the boundaries between deposits and currencies. Customers can perform frequent digital currency exchange operations, which increases the requirements for bank deposit reserve scale, thus affecting commercial banks. The supply of credit has made its operating environment more severe.

(3) Ethical issues in the application of legal digital currency

Legal digital currency will surely be another profound change in the history of currency development, but there are still ethical issues in its design and application. The ethical issues of digital currency technology mainly include two aspects: First, there are moral and ethical issues such as thinking concepts, value trends, and interest needs in digital currency technology design issues; second, the commercial application process of digital currency has value tendencies, and the digital divide is becoming increasingly serious. affect the distribution of social resources.

There is a capital value orientation hidden behind the technical algorithm of legal digital currency. The existence of digital currency is value-laden, that is, people with different value judgments will designDifferent rules for the use of digital currency, or different coding rules will be chosen to solve the problem. The design of digital currency itself has a strong subjective bias. Fundamentally, it is human will that determines the generation and development of currency numbers. The design of digital currency programming technology will initially comply with the interests of capitalists and is a subjective reflection of the designer. It will inevitably be subject to discrimination and deviation due to the value tendency of developers. Legal digital currency is based on national credit, and its security and stability are higher than private digital currency. However, in the circulation and use of currency, value and ethics issues will still arise, and the degree of harm will be higher and the scope will be wider.

Legal digital currency will also have value and ethical issues in specific commercial applications. First of all, in the process of constructing a monetary system with traditional commercial banks and financial institutions such as Internet finance, issues such as technological and ethical anomie will arise. For example, in the process of establishing intelligent information systems, the deviant behavior of technical personnel is concealed and difficult to monitor, lurking technological and ethical risks. Secondly, as people's trust in technical tools increases, technical rationality will weaken people's thinking about value rationality, and the problem of neglect of humanistic care caused by the rapid development of science and technology has gradually emerged.

Behind the efficient practical results brought by technological tools is the neglect of rational concerns about values ​​such as responsibilities and obligations, morals and ethics. Will the emergence of legal digital currency widen the gap between the rich and the poor in science and technology? Will the technological dilemma faced by my country's elderly become more serious? Will poor and remote areas catch up with the digital currency train and achieve technological leaps, or will they become increasingly involved with this artificial intelligence technology? Is the era of intelligence further derailed? In the era of digital economy, the aphasia of marginalized groups is serious, and resource allocation is also biased towards the commanding heights groups. The digital divide is gradually widening, affecting the fairness and justice of social governance. The promotion of legal digital currencies faces serious ethical challenges.

㈡ Which cities are being tested for digital currency and why are these cities chosen?

In early 2014, the People’s Bank of China established a special research institute on legal digital currencies. group to demonstrate the feasibility of the central bank issuing legal digital currency. On January 29, 2017, the central bank officially established the Digital Currency Research Institute. After successfully developing a legal digital currency prototype, the Central Bank Digital Currency Research Institute attempted to deploy institutions in multiple locations across the country and realize financial development technology research results through integration with R&D institutions and industries. In 2018, the Central Bank’s Digital Currency Research Institute settled in Nanjing and Shenzhen. In 2019, the central bank’s digital currency publicly announced that it would be piloted in Shenzhen, Suzhou, Chengdu, and Xiongan.

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Shenzhen has supported digital currency research since 2016.

2017 On October 6, 2019, the Xiongan New Area Management Committee held a special meeting to study the big data management system and mechanism and the basic ideas of "Digital Xiongan" construction, and fully promote the construction of "Digital Xiongan". Not long after the meeting was held, various companies took notice and worked hard to build Xiongan New Area into a "testing ground" for innovation.

On October 14, 2017, Peng Yijie, vice president of Ant Financial and partner of Alibaba Group, and his delegation went to Xiongan New Area to report on the blockchain construction plan. Peng Yijie’s evaluation of Xiongan New Area was: building blocks The best soil for the chain. On November 8 of the same year, Xiongan New Area held a matchmaking meeting with Alibaba Group. Alibaba and Ant Financial will undertake the construction of the digital Xiongan blockchain infrastructure platform and are expected to be the first to test the waters in the rental scenario.

On November 23, 2017, Tencent and Xiongan New Area signed a financial technology strategic cooperation agreement. The two parties established the Tencent (Xiongan) Financial Technology Laboratory to pilot a big data risk control system in the new area, based on Tencent Cloud’s blockchain services and other financial black technologies.

On April 21, 2018, Hebei Xiongan New Area released the "Hebei Xiongan New Area Planning Outline" proposing to develop high-end high-tech industries and advance the development and testing of blockchain, terahertz, cognitive computing and other technologies. . Blockchain was written into the "Hebei Xiongan New Area Planning Outline". A technology with far-reaching influence and far-reaching influence began to grow together with a rising digital city that shoulders a historical mission.

On June 8, 2018, China Academy of Information and Communications Technology and Xiongan New Area signed a strategic cooperation agreement. The two parties will build a scientific research base in the field of information and communications in Xiongan New Area and provide development strategic planning, standards and policies for the construction of the new area. Formulate and other comprehensive support services, focusing on building a comprehensive service platform for Beijing-Tianjin-Hebei high-tech innovation and mass entrepreneurship and innovation demonstration base in the fields of 5G, industrial Internet, artificial intelligence, blockchain, network security, military-civilian integration, and Internet of Vehicles to promote industrial innovation develop.

On June 28, 2018, Xiongan New Area and 360 Group officially signed a strategic cooperation. 360 Group will give full play to its advantages in network security, big data, artificial intelligence, blockchain and other technical fields, Provide comprehensive network security services to build a safe and reliable "Digital Xiongan".

On July 23, 2018, China Xiongan Group signed a memorandum of understanding with the blockchain technology company ConsenSys. ConsenSys founder Joseph Lubin and others proposed to China Xiongan Group on how to use blockchain technology. Suggestions, hoping to apply its knowledge and experience in the blockchain ecosystem to Xiongan’s projects and support Xiongan’s innovative development model.

On December 21, 2018, Bank of Communications Hebei Xiongan Branch was unveiled. The branch will rely on the professional R&D team and strong R&D strength of the head office, with financial business processing, artificial intelligence, blockchain, big data, and cloud computing.We will continue to innovate financial business models through computing and other financial technology platforms, and make greater contributions to building a green Xiongan, a smart Xiongan, and a digital Xiongan.

On May 8, 2019, ICBC Technology Co., Ltd., a wholly-owned subsidiary of the Industrial and Commercial Bank of China, opened in Xiongan New Area and became the headquarters of a banking financial technology company located in Xiongan New Area. ICBC Technology and the Xiongan New Area Administrative Committee signed the "Financial Technology Cooperation Memorandum". The Xiongan New Area Administrative Committee officially launched the operation of the Xiongan relocation and resettlement fund management blockchain platform. It will apply ICBC's blockchain technology to realize expropriation and relocation. Full-process on-chain management of original file migration and penetrating fund allocation.

On December 25, 2019, China Everbright Bank and China Xiongan Group Digital City Company jointly built a "Digital Financial Technology Laboratory" in Xiongan New Area, which will be based on the strategic needs and informatization construction of Xiongan New Area. Guide and gradually create a highland for blockchain commercial application research, technological innovation and talent training.

On March 31, 2020, the Xiongan Blockchain Laboratory was officially unveiled. The Xiongan Blockchain Laboratory has three major goals: to become a new highland for blockchain research and application, and to become an open Cutting-edge innovation base, exploring new models of laboratory economy. On the third anniversary of the establishment of Xiongan New Area, the Xiongan Blockchain Laboratory has special significance. This marks that the Xiongan New Area’s blockchain innovation practice has entered the stage of organization and large-scale implementation, marking that the Xiongan New Area’s digital The simultaneous planning and construction of urban and physical cities has opened a new chapter.

Xiong’an New District, a digital urban forest cultivated from seed, is naturally suitable for the central bank’s digital currency pilot. Xiongan on the top, Shenzhen on the bottom, Chengdu on the left, and Suzhou on the right. We look forward to piloting the central bank’s digital currency in these four places and growing flowers that will spread around the world.

ㅢ Highlight the key points! Interpretation of the overall plan for the Beijing Free Trade Zone: Where are the three major areas located

On September 21, the much-anticipated overall plan for the Beijing Free Trade Zone was announced. This is less than 20 days after China announced on September 4 that it supports Beijing in establishing a free trade pilot zone with the main features of scientific and technological innovation, service industry opening, and digital economy. The establishment of the Beijing Free Trade Zone means that Beijing, Tianjin, and Hebei have already established Free Trade Pilot Zone.

The overall plan of the China (Beijing) Pilot Free Trade Zone is clear. The implementation scope of the Pilot Free Trade Zone is 119.68 square kilometers, covering three areas: the science and technology innovation area of ​​31.85 square kilometers, and the international business services area. 48.34 square kilometers (including 5.466 square kilometers of Beijing Tianzhu Comprehensive Bonded Zone) and 39.49 square kilometers of high-end industrial area.

In terms of policies and measures, the Beijing Free Trade Zone will support the establishment of private banks that focus on supporting the development of the cultural and creative industries, and explore giving Zhongguancun science and technology enterprises more cross-border financial options; support the Digital Currency Research Institute of the People's Bank of China Establish a financial technology center and build a legal digital currency pilot zone and a digital financial system.

The plan also points out that we will explore the construction of a safe and convenient international Internet data dedicated channel, and formulate key areas such as information technology security, data privacy protection, and cross-border data flow.Rules, explore the construction of an international information industry and digital trade port; encourage moderate competition, improve relevant policies for duty-free shops; encourage the return of overseas cultural relics, actively study and adjust the current import tax policy, and provide further support; promote the linkage between Beijing Capital International Airport and Beijing Daxing International Airport Develop and build a world-class aviation hub.

Since the Service Trade Fair, Beijing has successively introduced a number of major measures to expand opening up. Coupled with the blessing of the Beijing Free Trade Zone, what opportunities will Beijing usher in? What specific benefits will the above policies and measures bring to Beijing? Where might the new three major districts be located? 21 reporters will take you to study this overall plan item by item.

Where are the three major areas of implementation?

The implementation scope of the free trade pilot zone is 119.68 square kilometers, covering three areas: 31.85 square kilometers of science and technology innovation area, 48.34 square kilometers of international business services area (including 5.466 square kilometers of Beijing Tianzhu Comprehensive Bonded Zone), high-end industries The area is 39.49 square kilometers.

The development and utilization of the free trade pilot zone must comply with laws and regulations related to land use, ecological environment protection, and planning, comply with land spatial planning, and comply with relevant requirements for economical and intensive land use.

In terms of functional division, the Science and Technology Innovation Zone focuses on the development of new generation information technology, biology and health, science and technology services and other industries, and creates a digital economy pilot zone, a global venture capital center, and a pioneering demonstration zone for science and technology system reform; international The business services area focuses on the development of digital trade, cultural trade, business exhibitions, medical and health, international delivery logistics, cross-border finance and other industries to create a pilot demonstration area for airport economic innovation; the high-end industry area focuses on the development of business services, international finance, cultural creativity, For industries such as biotechnology and general health, we will build a transfer hub for scientific and technological achievements, a strategic emerging industry cluster, and an international high-end functional institution cluster.

Interpretation: Unlike other free trade zones, the three major areas of the Beijing Free Trade Zone have not designated specific locations, but we can get a glimpse of them from their functional positioning and the recently established Beijing Digital Trade Pilot Zone.

For example, the Beijing Digital Trade Pilot Zone will be based on three major areas: the Zhongguancun Software Park National Digital Service Export Base, the Chaoyang Jinzhan International Cooperation Service Zone, and the Daxing Airport Area of ​​the Free Trade Zone.

Li Jun, director of the Institute of International Trade in Services of the Ministry of Commerce Research Institute, told the 21st Century Business Herald that Beijing chose the above three places as a foothold because they each have their own advantages. Among them, the Zhongguancun software information service industry is developed and the concentration of enterprises is high; the Chaoyang Jinzhan area is close to the embassy area and has great potential for foreign-related service trade cooperation; the Daxing area of ​​the Free Trade Zone is close to the airport and has convenient transportation for cross-border e-commerce and other businesses . He believes that the three areas of the digital trade pilot zone are Beijing’s independent exploration, while the authorization of the free trade zone comes from the State Council, but the content of the former may overlap with the latter.

21 predicts that the scientific and technological innovation area of ​​the free trade zone may focus on the Zhongguancun area. As one of the first batch of national digital service export bases, Zhongguancun Software Park gathers 7 companies such as NetEase and Internet.26 domestic and foreign high-tech enterprises.

The international business service area may focus on the Capital International Airport, Tianzhu Comprehensive Bonded Zone, and Jinzhan International Cooperation Service Zone, which is close to the Capital Airport and the Fourth Embassy District. Zhu, deputy director of Chaoyang District, Beijing Sheng recently stated that a special supervision zone will be built here with service trade and digital trade as the core, forming a new highland for opening up to the outside world. The Jinzhan area, where Beijing’s fourth embassy district is located, will become the second "Sanlitun" in the future. Jinzhan International Cooperation Service Zone will build a tax refund and duty-free special consumption center and encourage internationally renowned duty-free goods operators to open duty-free shops. High-level international schools will also be introduced to establish a more complete international education system with more complete languages.

The high-end industrial area may focus on Daxing Airport, Yizhuang and other places in Nancheng. For example, the relevant person in charge of the Daxing Airport Free Trade Area recently made it clear that in the future, it will build an innovative global digital trade demonstration port and China Digital Trade Lead the base to develop digital services and digital trade such as cross-border e-commerce, digital medical care, and smart logistics, and participate in building a world-leading cross-border e-commerce rule system in areas such as cross-border financial services, electronic certification, and online consumer rights protection.

Establishing private banks that focus on supporting cultural and creative industries

The plan points out that the financial sector will be further opened up. Carry out pilot projects for the integration of local and foreign currencies. Banks in the zone are allowed to issue overseas RMB loans for the RMB bank settlement accounts (NRA accounts) of overseas institutions, research is conducted to promote the integration of domestic securities investment channels for foreign institutional investors, and research is conducted to promote the use of an NRA account by overseas investors to handle domestic securities investment matters. Allow more foreign banks to obtain securities investment fund custody qualifications. Support the establishment of private banks that focus on supporting the development of cultural and creative industries. Encourage qualified Chinese banks to carry out cross-border financial services and support the demand for cross-border financial services with real trade backgrounds. Promote the facilitation of cross-border RMB business and foreign exchange business in key industries. Explore giving Zhongguancun science and technology innovation enterprises more cross-border financial options, independently decide on cross-border financing methods, amounts and timings under the macro-prudential framework, innovate corporate external debt management methods, and gradually realize the external debt project of non-financial enterprises in the Zhongguancun National Independent Innovation Demonstration Zone Fully redeemable. Support the establishment of domestic and overseas private equity parallel funds in a market-oriented manner in accordance with laws and regulations. Facilitate qualified private equity and asset management institutions to conduct overseas investments. Support multinational companies to set up qualified investment companies within the country and establish financial companies in compliance with laws and regulations. We will launch a pilot program for one-time registration of external debts of enterprises within the zone, instead of registering them one by one.

Interpretation: In recent years, the financing of domestic cultural and creative industries has continued to decline. Lack of money and difficulty in financing have become the norm in the cultural and creative industries. According to CVSource investment data, the number of financings in the cultural media industry in 2018 was 616. It was down 16% from 2017, and the downward trend continued in 2019.

Behind the "cold winter" of investment in the cultural and creative industries, there are also signs that venture capital funds are accelerating to concentrate on unicorns in the industry. Internet film and television, short videos, paid knowledge, animation two-dimensional and educationPan-entertainment industries such as sports and sports have attracted much attention from the investment community. The establishment of private banks that focus on supporting the development of cultural and creative industries is undoubtedly a new and important measure to increase the development of cultural and creative industries in the financial field.

In 2019, as the national cultural center, Beijing’s cultural industries above designated size achieved revenue of nearly 1.3 trillion yuan, and its industrial added value accounted for nearly 10% of Beijing’s GDP, ranking first in the country. From an overall perspective, Beijing's cultural and creative industries achieved an added value of 357.05 billion yuan in 2016, accounting for 14.3% of the city's GDP. In recent years, Beijing has issued a total of 83 cultural and economic policies of various types, building institutional support for the high-quality development of the cultural industry.

At the recent Service Trade Conference, Beijing issued "18 Policies" ("Several Measures to Accelerate the High-Quality Development of the Core Area of ​​the National Cultural Industry Innovation Experimental Zone") to promote physical projects in the National Cultural and Creative Experimental Zone District, promote the construction of the CBD Cultural Center and the National Cultural and Creative Experimental Zone International Cultural Center to create new cultural landmarks; vigorously support social forces to establish libraries, museums, art galleries, cinemas, physical bookstores, and public reading spaces; implement the "Hundred Cultural Elites" The "English" program has introduced and recognized 100 "cultural elites" talents every year for five consecutive years to provide support and guarantees in key areas such as settlement and entrepreneurship, housing security, medical services, and children's education.

Building a legal digital currency pilot zone

The plan states that it will promote financial technology innovation. Focusing on payment and settlement, registration and custody, credit rating, asset trading, data management and other links, support the implementation of major financial technology projects and support the use of technological means to improve financial infrastructure service levels. Give full play to the role of the financial technology innovation supervision pilot mechanism, and steadily carry out financial technology innovation on the premise that it is conducive to serving the real economy, risks are controllable, and the legitimate rights and interests of consumers are fully protected.

It is worth noting that the plan clearly states that it will support the establishment of a financial technology center by the Digital Currency Research Institute of the People's Bank of China, the construction of a legal digital currency pilot zone and a digital financial system, and rely on the People's Bank of China's trade finance blockchain platform to form a financial technology center. Trade finance blockchain standard system to strengthen regulatory innovation. Build a financial technology application scenario pilot area and establish an application scenario release mechanism.

Interpretation: On September 19, the People's Bank of China's financial magazine "China Finance" published an article "New Opportunities for the Development of China's Legal Digital Currency" in the 17th issue, stating that the People's Bank of China began to regulate legal digital currency in 2014. For research on digital currency, the Digital Currency Research Institute of the People's Bank of China was officially established in January 2017. As of April 2020, the central bank has submitted 22, 65, and 43 patent applications for digital currency and related content, covering the entire process of issuance, circulation, and application of digital currency, forming a complete industrial chain, and has completed technical The reserves are ready for implementation.

The so-called digital currency is cash in digital form. Digital currency, like banknotes, has circulation and payment functions, but it also has controllable anonymity, investment and financing functions. With Alipay, WeChat and other e-mailsCompared with electronic payment, digital currency can also make payments without internet connection or signal. At the same time, if the device allows it, the payee cannot refuse to accept digital currency without reason.

Recently, the Ministry of Commerce issued the "Overall Plan for Comprehensively Deepening the Innovative Development of Service Trade". The plan mentioned that: it will be carried out in the Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area and qualified pilot areas in the central and western regions. Digital RMB pilot.

In recent services trade conferences, digital currency has also become a high-frequency word. For example, on September 6, at the 2020 China International Financial Annual Forum, Yin Yong, member of the Standing Committee of the Beijing Municipal Party Committee and Deputy Mayor, said , it is necessary to give full play to the dual advantages of the Beijing Science and Technology Innovation Center and the National Financial Management Center, highlight the key points of digital economy, digital finance, regulatory technology, etc., carry out in-depth fintech regulatory sandbox pilots, and use scenarios such as the Winter Olympics to develop in cutting-edge areas such as digital currency. Try things first and strive to achieve leading breakthroughs.

Only the day before, Zhao Lei, the mayor of Tongzhou District, also talked about digital currency at the 2020 Global Wealth Management Forum. He pointed out that in April this year, the Beijing Financial Services Leading Group issued the "Work Plan on Building an International Wealth Management Center in the City's Sub-center" in Document No. 1, which clearly gave the sub-center "a global wealth gathering place and an internationally influential center". Wealth Management Center" positioning, and will pilot 27 reform tasks in the frontier areas of wealth management, including new financial licenses, legal digital currencies, and individual tax deferrals for asset management products, in the sub-center.

Industry analysts say that the actual launch of digital currency should still have three stages: comprehensive testing, trial operation and formal operation. Considering that digital currency is the comprehensive digitization of the next generation of RMB and has far-reaching implications, the central bank should launch it cautiously. In response to the launch of digital currency, the central bank disclosed the progress: At present, the research and development work of digital renminbi follows the principles of stability, safety, controllability, innovation and practicality, and is first conducted internally in Shenzhen, Suzhou, Xiongan, Chengdu and future Winter Olympics scenes. Closed pilot testing to test theoretical reliability, system stability, functional availability, process convenience, scenario applicability and risk controllability. Regarding when it will be officially launched, the central bank has repeatedly emphasized that there is no timetable yet.

Exploring the construction of an international information industry and digital trade port

The plan points out that Beijing should enhance the international competitiveness of digital trade. Benchmark the international advanced level, explore digital trade development rules that are in line with national conditions, strengthen cross-border data protection regulatory cooperation, and promote the international mutual recognition of digital certificates and electronic signatures. Explore and formulate rules in key areas such as information technology security, data privacy protection, and cross-border data flows. Explore and create transaction standards such as data rights confirmation, data assets, and data services, as well as service systems such as pricing, settlement, and quality certification for data transaction circulation, and standardize transaction behavior. Explore and carry out digital trade statistical monitoring.

At the same time, encourage the development of new business formats and models in the digital economy. Accelerate the construction of a new generation of information infrastructure and explore the construction of safe and convenient international Internet data dedicated channels. Apply digital technology systems such as blockchain to regulate cross-border trade and lawThe implementation of compliance and technical standards ensures paperless, dynamic and standardized cross-border trade multilateral cooperation. Relying on the application of blockchain technology, we integrate high-precision manufacturing enterprise information and credit data to create an efficient and convenient customs clearance model. Explore and establish a regulatory mechanism that allows relevant institutions to test new products and new businesses within a controllable range.

In addition, explore the construction of an international information industry and digital trade port. On the premise that risks are controllable, pilot projects will be conducted in areas such as software real-name authentication, data origin label identification, and data product import and export. Build a digital copyright trading platform to promote the development of intellectual property protection and intellectual property financing businesses. Carry out efficient and convenient digital import and export inspections for trade in software and Internet services. Actively explore third-party certification mechanisms for enterprises’ data protection capabilities. Explore and establish a website filing system that meets the needs of overseas customers.

Interpretation: The "Work Plan for Deepening the New Round of Beijing's Comprehensive Pilot Program for Expanding the Opening-up of the Service Industry and Building a Comprehensive Demonstration Zone for Expanding the Opening-up of the Service Industry in Beijing" recently approved by the State Council requires that, based on the Zhongguancun Software Park, promote digital certificates, electronic International mutual recognition of signatures, etc., pilot cross-border data flow, and construction of an international information industry and digital trade port.

This plan also revealed that Beijing will open the domestic Internet virtual private network business to foreign investment (foreign equity ratio shall not exceed 50%), attract overseas telecom operators to establish joint ventures, and provide foreign-invested enterprises in Beijing with services. Domestic Internet virtual private network business. Support the development of Internet of Vehicles (intelligent connected vehicles) and autonomous driving map applications, and the construction of Beijing-Shanghai Internet of Vehicles highways. Explore and establish a website filing system that meets the needs of overseas customers.

In terms of cross-border data flow, Beijing will study the cross-border data flow and data protection capability certification involved in digital service trade, such as commercial presence, cross-border delivery, overseas consumption, and movement of natural persons. Promote the pilot work on cross-border data flow security management.

Li Jun said that the cross-border flow of data is an inevitable trend. However, the supervision of cross-border data flow has not yet taken shape globally. This requires considering national security, personal privacy and other factors to classify data. Classified management, as one of the most developed regions in the digital economy, Beijing is the first to explore the cross-border flow of data and is expected to provide the world with a "Chinese solution."

In addition, it should be noted that according to the newly announced "Beijing Action Plan to Promote the Innovation and Development of Digital Economy (2020-2022)", by 2022, the added value of Beijing's digital economy will account for 10% of regional GDP The proportion has reached 55%. Beijing’s digital economy currently accounts for more than 50% of the city’s GDP.

In an interview with the 21st Century Business Herald, Zhong Zeyu, vice president and secretary-general of the China Association for Trade in Services, pointed out that Beijing is uniquely positioned to develop service trade conditions represented by the digital economy. First of all, Beijing has the highest concentration of scientific research institutes and high-quality talents in the country, with a strong atmosphere of innovation; secondly, science and technology enterprises represented by Zhongguancun are highly concentrated in Beijing, and new business forms and new economies are actively developing; thirdly, Beijing FinancialFinancial, medical, cultural and other service industries are developed; fourthly, as an international exchange center, Beijing has a large flow of natural people, which facilitates cross-border service trade.

Improve policies related to duty-free shops and adjust tariffs on the return of overseas cultural relics

The plan points out that it is necessary to help build an international exchange center. Focus on serving the country's overall diplomacy and continue to improve its service support capabilities for major state events. Encourage the gathering of international organizations. Explore the pilot program of integrating domestic and foreign currency cross-border capital pools, support qualified multinational enterprise groups in centrally carrying out the adjustment and collection of domestic and foreign currency surplus and deficit funds between domestic and foreign members, and implement two-way macro-prudential management of cross-border capital flows. Explore the pilot program integrating consumption and pre-boarding. Encourage moderate competition and improve policies related to duty-free shops.

The plan states that a fully functional group-style exhibition complex will be built around Beijing Capital International Airport. Improve the specifications and level of the China International Fair for Trade in Services and build it into the main platform for international trade in services. Promote the coordinated development of Beijing Capital International Airport and Beijing Daxing International Airport to build a world-class aviation hub.

In addition, high-quality cultural consumption needs must be met. Build an international film, television and animation copyright trading platform, explore the development of cultural intellectual property insurance business, carry out gem and jade trading business, and strengthen the “Belt and Road” cultural exhibition and trading hall. Qualified foreign-funded enterprises are allowed to carry out global cultural art (non-cultural relics) display, auction and trading businesses. Encourage the return of overseas cultural relics, actively study and adjust the current import tax policy, and provide further support. Explore and innovate the guarantee supervision model for international high-end art exhibits in the comprehensive bonded zone.

Interpretation: The "Work Plan for Deepening Beijing's New Round of Comprehensive Pilot Program for Expanding the Opening-up of the Service Industry and Building a Comprehensive Demonstration Zone for the Expansion and Opening-up of the National Service Industry" recently approved by the State Council requires that Wangfujing Pedestrian Street be supported in creating an international consumption environment. and high-quality business environment, and building an international consumption area. Optimize the layout of duty-free shops in the city, coordinate and set up departure pick-up points for duty-free shops in the airport isolation area, and implement policies related to duty-free shops.

On September 18, at the "65th Anniversary Media Communication Conference" held by Wangfujing Group, Du Baoxiang, chairman of Wangfujing Group, revealed that the company plans to open a duty-free, outlet, and shopping complex in Universal Beijing Resort. Du Baoxiang revealed that the company is currently promoting the establishment of airport duty-free shops at Capital International Airport and Beijing Daxing International Airport, and the specific store locations are under negotiation. Its duty-free shops in Beijing are also being planned.

The above work plan also points out that the joint development of Beijing Capital International Airport and Beijing Daxing International Airport will be promoted. Explore port facilitation measures for aircraft maintenance enterprises’ aviation equipment subcontract repair business, and support enterprises in improving their competitiveness in the international aviation equipment maintenance market. Encourage Chinese and foreign airlines to operate international routes, and allow foreign airlines to operate at "two venues" at Beijing Capital International Airport and Beijing Daxing International Airport. Build an international air cargo system, formulate policies to promote the development of air cargo in Beijing, and support the expansion of cargo transportationair traffic rights. Optimize and improve cargo infrastructure and equipment, and encourage airlines to deploy cargo fleets at Beijing Daxing International Airport. Improve air port functions, enhance high-end logistics capabilities, and expand import functions such as complete vehicles and parallel imported cars.

Reducing the tax rate on the import of cultural relics will be conducive to the return of overseas cultural relics. At the end of last year, the State Administration of Cultural Heritage made it clear that it would strive to further reduce the tax rate on the import of cultural relics, further promote the reduction of tariffs on cultural relics less than 100 years old, and promote the reduction of postal taxes and value-added tax rates on the import of cultural relics. Several adjustments to tax policies have reduced the import tax burden on cultural relics and artworks, which is conducive to encouraging individuals and companies to bring cultural relics into the country for collection, display and trade.

In recent years, my country has made many adjustments to import tax rates. In terms of personal postal tax, the tax rate has been reduced twice since 2018, with the tax rate on stamps, artworks, and collectibles reduced from 25% to 20%. Tariffs and import value-added tax rates have also been continuously reduced. The tariff rate for oil paintings, pastel paintings and other original hand paintings, original engravings, printed paintings, lithographs, and original sculptures of various materials has been reduced from 12% to 1%. The import of cultural relics The standard rate of link value-added tax was reduced from 16% to 13%.

㈣ What is the name of the digital currency issued by the central bank?

As of September 2019, the central bank’s digital currency has not yet been issued.

The development history of central bank digital currency is as follows

In 2014, the Central Bank of China established a special research team to conduct research on digital currency issuance and business operation framework, key technologies of digital currency, issuance and circulation environment, The legal issues faced have been thoroughly studied.

In January 2017, the central bank officially established the Digital Currency Research Institute in Shenzhen.

In September 2018, the Digital Currency Research Institute built a trade finance blockchain platform.

On July 8, 2019, at the launching ceremony of the Digital Finance Open Research Plan and the first academic seminar, Wang Xin, director of the Research Bureau of the People's Bank of China, revealed that the State Council has officially approved the research and development of the central bank's digital currency. Organize market institutions to engage in corresponding work.

On August 2, 2019, the central bank stated at the video conference on work in the second half of 2019 that it would accelerate the research and development of legal digital currency.

On August 10, 2019, Mu Changchun, deputy director of the Central Bank’s Payment and Settlement Department, said at the China Financial Forty Yichun Forum that “the central bank’s digital currency can be said to be ready.”

On August 18, 2019, the Central Committee of the Communist Party of China and the State Council issued opinions on supporting Shenzhen in building a pioneer demonstration zone for socialism with Chinese characteristics, mentioning support for innovative applications such as digital currency research in Shenzhen.

On August 21, 2019, the central bank’s official Weibo published two articles about digital currency. One was published in January 2018, and Vice Governor Fan Yifei talked about the considerations of the central bank’s digital currency. The second was about payment. Mu Changchun, deputy director of the Settlement Department, gave a speech in Yichun on August 10.

(4) People’s Bank of China Trade Finance BlockchainExtended reading on the platform:

Practical significance

The digitization of central bank currency helps optimize the central bank’s currency payment function, improve the central bank’s currency status and the effectiveness of monetary policy. The central bank's digital currency can become an interest-bearing asset to meet the holder's reserve needs for safe assets, and can also become the lower limit for bank deposit interest rates.

It can also become a new monetary policy tool. At the same time, the central bank can affect bank deposit and loan interest rates by adjusting the central bank’s digital currency interest rate, and at the same time help break the zero lower limit of interest rates.

Operating system

Fan Yifei, deputy governor of the central bank, stated in the article that the central bank’s digital currency should adopt a two-tier operating system. This model does not change the creditor-debt relationship of currencies in circulation, does not change the existing currency delivery system and binary account structure, will not constitute competition for commercial bank deposit currencies, and will not increase commercial banks' dependence on the interbank lending market;

It will not affect the lending capabilities of commercial banks and will not lead to the phenomenon of "financial disintermediation". At the same time, because it does not affect the existing monetary policy transmission mechanism, it will not strengthen the procyclical effect under pressure, and it can improve the convenience and security of payment. It also has the credit advantage of being endorsed by the central bank.

㈤ The CTFU platform application was put into production to see how blockchain can promote the development of the banking industry

On August 28, the China Banking Association organized the "China Trade Finance Inter-bank Transaction Blockchain Platform" ” (referred to as “CTFU Platform”) construction symposium. At the meeting, the China Banking Association, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, the China Construction Bank, and the Bank of Communications jointly signed the "CTFU Platform Service Agreement", officially kicking off the launch of the CTFU platform application.

As a new technology in the financial field, blockchain has continuously expanded its application scenarios and has had a profound impact on the entire banking industry. Various banks have also increased their emphasis on blockchain technology and utilized regional Blockchain technology solves current industry pain points.

What are the pain points in the banking industry?

[if !supportLists]1, [endif] Audit and verification costs are high. Currently, many bank operations require offline operations, and banking business relies on paper documents. A large amount of paper materials are required during the review and verification process, which consumes a lot of manpower and material resources.

[if !supportLists]2, [endif] Risk monitoring is difficult. Bank trade involves a wide range of transactions, with long transaction chains and multiple settlement methods. Sometimes regulatory data is not updated in a timely manner, which will bring potential business risks to banks.

[if !supportLists]3, [endif] Information sharing is difficult. Each department in the transaction chain is relatively independent. Each department has its own system, standards and management model. Information transparency is low, which makes it difficult to share information between departments.

[if !supportLists]4, [endif] Financing costs are high. In order to reduce their own risks, banks require financing deposits and provide mortgages, pledges, guarantees, etc., which further increases the financing costs of enterprises.

How does blockchain solve these pain points?

Taking CTFU as an example, when Tian Guoli, president of the China Banking Association and chairman of China Construction Bank, introduced the CTUF platform, he pointed out that the platform will play four roles:

1. Realize the standardization, electronicization and intelligence of inter-bank trade financial product transaction information and promote the development of supply chain finance.

Use blockchain technology to put transaction information on the chain, unify standards among banks, and then digitize various paper materials to reduce labor and material costs while ensuring transactions The credibility of information promotes the development of supply chain finance.

2. Improve trade financing efficiency, reduce financing costs, and enhance the quality and efficiency of financial services to the real economy.

In the blockchain, information will become more transparent, and communication between various departments within the bank will become more convenient and faster, improving the collaboration efficiency of all parties in the financing process. Processes are optimized and financing costs are reduced.

3. Use the characteristics of blockchain technology such as "distributed storage, transaction traceability, and non-tampering" to effectively prevent and control trade finance business risks.

Utilizing the non-tamperable characteristics of the blockchain, combined with digital signatures and transaction traceability, we can effectively achieve information credibility, effectively solve the bank's trust cost and audit verification cost, and facilitate the bank's trade finance industry Carry out risk management and control.

4. It is conducive to resource sharing and utilization and improves the association's service level to members.

With the help of blockchain technology, banks can share and utilize resources and information through end-to-end data exchange and effective verification.

Currently, trade finance and supply chain finance are the most feasible application scenarios of blockchain in traditional finance. But the possibilities brought by blockchain technology are certainly not limited to this. Banks will increasingly explore blockchain technology. The exploration and application of blockchain technology in the field of trade finance is worth looking forward to.

Follow the Bione Finance official account to learn more about blockchain information!

㈥ What are the current applications of blockchain?

There are many blockchain applications now, and they are still growing.

The People's Bank of China launched a trade finance blockchain platform: it widely connects information from taxation, customs, foreign exchange and other departments to effectively increase the credit of small and medium-sized enterprises in financing.
State Grid’s power supply based on data side chainSupply chain financial data sharing platform: Provides conditional and trustworthy sharing services of supply chain financial data under privacy protection, helping small and medium-sized suppliers in the chain to revitalize accounts receivable, reduce financing costs, and increase financial income of financial institutions.
There are also Guangzhou Public Law Chain, Blockchain Electronic Invoice Express Edition, Trade Finance Blockchain Platform, Blockchain Certificate Deposit, Blockchain Traceability, etc. Crypto Finance mimacaijing focuses on blockchain information.

㈦ When will A-Bank Super Wallet be put into use?

The application scenarios of digital renminbi are accelerating.
On September 21, the overall plan for the China (Beijing) Free Trade Pilot Zone was announced, proposing to support the Digital Currency Research Institute of the People's Bank of China in establishing a financial technology center, building a legal digital currency pilot zone and a digital financial system, relying on the People's Bank of China's trade finance The blockchain platform forms a trade finance blockchain standard system and strengthens regulatory innovation.
According to media reports, in addition to being used in transfer and payment scenarios, digital renminbi has been tested in the "credit card repayment" scenario.
Prior to this, more application scenarios of digital renminbi are being continuously explored. On September 21, JD Digits announced that the Digital Currency Research Institute of the People's Bank of China and JD Digits formally reached a strategic cooperation. Based on the digital renminbi project, the two parties will jointly promote the research and development of mobile basic technology platforms, blockchain technology platforms, etc.; In addition, combined with JD Group’s existing scenarios, we will jointly promote the innovation of digital RMB mobile application functions and the implementation of online and offline scenarios, and promote the ecological construction of digital RMB wallets.
Today, the digital renminbi pilot is still a "4+1", with internal closed pilot tests first conducted in Shenzhen, Suzhou, Xiongan New Area, Chengdu and future Winter Olympics scenes, and there has been no change. Shenzhen, Suzhou, Xiongan and Chengdu are representatives of the Guangdong-Hong Kong-Macao Greater Bay Area, the Yangtze River Delta, Beijing-Tianjin-Hebei and the central and western regions. The People's Bank of China is conducting pilot tests of digital renminbi in the above four places.
In addition, the four major banks are each developing their own proprietary digital renminbi APP. Some banks have developed APPs called "digital renminbi", and some banks have named them after animals.
Xiaolian Finance: Song Xi

㈧ The Beijing Free Trade Zone was born, and three key points highlighted the important status of the Beijing Free Trade Zone

#Beijing Free Trade Pilot Zone Overall Plan announcement#

On September 21, the State Council issued a notice on the overall plan for the Beijing, Hunan, and Anhui Free Trade Pilot Zones and the expansion regional plan for the Zhejiang Free Trade Pilot Zone. So far, the number of China's free trade zones has increased to 21, and a point-to-face, comprehensive free trade zone network has been formed, and a nationwide overall open pattern has been formed.

Why should so many free trade zones be established? Because each free trade zone has its own positioning. The positioning of the Beijing Free Trade Zone is to help build a technological innovation center with global influence, accelerate the creation of a pioneer zone for expanding the opening up of the service industry and a digital economy pilot zone, and strive to build the Beijing-TianjinA high-level opening platform for Hebei's coordinated development.

The Beijing Free Trade Zone is divided into three areas in terms of form: Science and Technology Innovation Area 31.85 square kilometers, International Business Service Area 48.34 square kilometers (including Beijing Tianzhu Comprehensive Bonded Zone 5.466 square kilometers) and High-end Industrial Area 39.49 square kilometers Kilometers, the content involved is very extensive, but we can still see the three key points of the Beijing Free Trade Zone from those various clues. These three key points highlight the importance of the Beijing Free Trade Zone among all free trade zones.

The first major focus: Beijing Free Trade Zone, as a pioneer area for the expansion of opening up of the service industry, highlights the strategic status of Beijing Free Trade Zone as the development of my country's service trade.

Service trade has always been my country's shortcomings. my country has always had a merchandise trade surplus and a service trade deficit. The scale of China's services trade is only a few trillion yuan, and service imports and exports account for less than 20% of China's total imports and exports. Compared with developed economies such as the United States and Japan, there is a significant gap.

Although Beijing’s services have certain foundations and advantages, Beijing’s service industry accounts for the highest proportion of GDP in the country, exceeding 80%.

However, the Beijing Free Trade Zone, as a pioneer zone in expanding the opening-up of the service industry, not only highlights the important position of the opening-up of the service industry in China's future all-round opening-up, but also highlights the importance of the development of service trade in my country's overall future foreign trade pattern. importance.

The key contents of Beijing’s pilot zone for expanding opening up of service trade mainly include:

First, the international business service zone focuses on service innovation. Although only the international business service area among the three major innovation areas seems to be related to service trade, it focuses on the development of digital trade, cultural trade, business exhibitions, medical and health, international delivery logistics, cross-border finance and other industries, and creates a leading demonstration area for airport economic innovation. . But the other two innovation zones also have very important innovation content in service trade: for example, the science and technology innovation zone focuses on the development of new generation information technology, biology and health, scientific and technological services and other industries; the high-end industrial zone focuses on the development of business services, international finance, cultural creativity, Biotechnology and general health industries. All have a certain relationship with the innovation and openness of service trade.

The second is to clearly propose the trial implementation of a negative list management model for cross-border trade in services. Relax service trade access restrictions to the greatest extent possible in areas where conditions permit. Provide visa convenience for high-end talents such as research and development, practice, exhibition, exchange, and training.

The third is to strengthen the construction of international centers and improve the country’s external service capabilities. This includes supporting the construction of international exchange centers; focusing on serving the country's overall diplomacy, continuing to improve the service support capabilities for major state events; and encouraging the gathering of international organizations. This point is very important for the construction of the service trade pilot zone in the Beijing Free Trade Zone.

The fourth is to create international trade in servicesCentral platform to build a world aviation hub. A well-functioning group-style exhibition complex will be built around Beijing Capital International Airport; the specifications and level of the China International Fair for Trade in Services will be improved to build it into the main platform for international trade in services; the linkage between Beijing Capital International Airport and Beijing Daxing International Airport will be promoted Develop and build a world-class aviation hub.

The fifth is to create a high-quality cultural consumption service trade platform. Create an international film, television and animation copyright trade platform, explore the development of cultural intellectual property insurance business, carry out gem and jade trading business, and strengthen the "One Belt, One Road" cultural exhibition and trading hall; allow qualified foreign-funded enterprises to carry out global cultural artworks (non-cultural relics) Exhibition, auction, and trading business; encourage the return of overseas cultural relics.

The sixth is to improve policies related to duty-free shops and provide a complete duty-free service system. Support Wangfujing Pedestrian Street in creating an international consumption environment, a high-quality business environment, and creating an international consumption area; optimize the layout of duty-free shops in the city, and coordinate the setting up of departure pickup for duty-free shops in the city in the airport quarantine area Click here to implement policies related to duty-free shops.

The second major focus: Beijing Free Trade Zone, as a digital economy pilot zone, highlights the role of Beijing Free Trade Zone The leading position of my country's digital economy in the future

The tide of digital economy is changing the current economic format and development format. In recent years, my country's digital economy format and model innovation have been very active and have become the most important factor in promoting the new economic model. vitality.

Promoting the development of the digital economy is an urgent need to accelerate high-quality development and an inevitable requirement to better meet the people's high-quality life needs. It has become a key to promoting the transformation and upgrading of industrial structure and promoting high-quality economic development in the future. The new engine has become an important force in building a new development pattern of our country's economy and participating in international competition.

As a digital economy pilot zone, the Beijing Free Trade Zone has the important foundation that the added value of Beijing’s digital economy accounts for more than 50% of GDP. More importantly, it highlights the Beijing Free Trade Zone as a leader in the future of my country’s digital economy. status.

First, the Beijing Digital Trade Pilot Zone will become the core content of the Beijing Free Trade Zone, and will be based on the Zhongguancun Software Park National Digital Service Export Base, Chaoyang Jinzhan International Cooperation Service Zone, and the Free Trade Zone Daxing Airport There are three large areas in the area.

The second is to explore the construction of an international information industry and digital trade port, explore the construction of a safe and convenient international Internet data dedicated channel, and formulate rules in key areas such as information technology security, data privacy protection, and cross-border data flow; in terms of risk Under the premise of controllability, we will conduct pilot trials in areas such as software real-name authentication, data origin label identification, and data product import and export.

Third, the Daxing Airport Free Trade Area plays an important role in digital trade.Yihe plays an active role in smart logistics: in the future, it will build an innovative global digital trade demonstration port and a leading base for digital trade in China; develop digital services and digital trade such as cross-border e-commerce, digital medical care, and smart logistics; develop cross-border financial services, In areas such as electronic certification and online consumer rights protection, we participate in building a world-leading cross-border e-commerce rule system.

Fourth, Beijing should enhance the international competitiveness of digital trade and the formulation of digital rules. Benchmark international advanced levels, explore digital trade development rules that are in line with national conditions, strengthen cross-border data protection regulatory cooperation, and promote international mutual recognition of digital certificates and electronic signatures.

The fifth is to build a digital copyright trading platform to promote the development of intellectual property protection and intellectual property financing businesses. Carry out efficient and convenient digital import and export inspections for trade in software and Internet services. Actively explore third-party certification mechanisms for enterprises’ data protection capabilities.

The sixth is to explore and formulate rules in key areas such as information technology security, data privacy protection, and cross-border data flow. Encourage the development of new business formats and models in the digital economy; accelerate the construction of a new generation of information infrastructure, and explore the construction of safe and convenient dedicated international Internet data channels.

Seventh, give full play to the application of blockchain technology: Apply blockchain and other digital technology systems to standardize the implementation of cross-border trade, legal compliance, and technical standards, and ensure the paperless multilateral cooperation of cross-border trade. , dynamic and standardized. Relying on the application of blockchain technology, we integrate high-precision manufacturing enterprise information and credit data to create an efficient and convenient customs clearance model.

The third major focus is that the Beijing Free Trade Zone, as a scientific and technological innovation pilot zone, highlights the role of the Beijing Free Trade Zone Important information on financial openness and innovation in financial centers.

As a financial center, Beijing’s importance in the Beijing Free Trade Zone is self-evident. Although there is no clear financial innovation zone among the major innovation zones in the Beijing Free Trade Zone, judging from the content of the scientific and technological innovation experiments, it also releases heavy information about the financial openness and innovation of the Beijing Free Trade Zone as a financial center:

First, carry out pilot projects for the integration of local and foreign currencies. Allow banks in the zone to issue overseas RMB loans for the RMB bank settlement accounts (NRA accounts) of overseas institutions, study and promote the integration of domestic securities investment channels for foreign institutional investors, study and promote foreign investors to use an NRA account to handle domestic securities investment matters; allow more Foreign-funded banks have obtained securities investment fund custody qualifications; and the facilitation of cross-border RMB business and foreign exchange business in key industries has been promoted.

The second is to clearly explore and launch the pilot project of integrating domestic and foreign currency cross-border capital pools. Support qualified multinational enterprise groups to carry out centralized adjustment and collection of domestic and foreign currency surplus and deficiency funds among domestic and foreign members, and provide cross-border capital transfer services.Financial flows are subject to two-way macro-prudential management.

The third is to support the establishment of private banks that focus on supporting the development of cultural and creative industries. Encourage qualified Chinese banks to carry out cross-border financial services and support the demand for cross-border financial services with real trade backgrounds.

The fourth is to explore giving Zhongguancun science and technology enterprises more cross-border financial options. Under the macro-prudential framework, independently decide on cross-border financing methods, amounts and timing, innovate corporate external debt management methods, and gradually realize full convertibility of the external debt of non-financial enterprises in the Zhongguancun National Independent Innovation Demonstration Zone.

Fifth, support the establishment of domestic and overseas private equity parallel funds in a market-oriented manner in accordance with laws and regulations. Facilitate qualified private equity and asset management institutions to carry out overseas investments; support multinational companies to establish qualified investment companies in the country and establish financial companies in accordance with laws and regulations; carry out a one-time registration pilot for the foreign debts of enterprises in the zone, instead of registering one by one.

Sixth, the construction of digital financial center and digital currency. Support the Digital Currency Research Institute of the People's Bank of China to establish a financial technology center, build a legal digital currency pilot zone and a digital financial system, and rely on the People's Bank of China's trade finance blockchain platform to form a trade finance blockchain standard system.

The seventh is to build a financial technology application scenario test area and establish an application scenario release mechanism. It is necessary to give full play to the dual advantages of the Beijing Science and Technology Innovation Center and the National Financial Management Center, highlight the key points of digital economy, digital finance, regulatory technology, etc., conduct in-depth pilots of financial technology regulatory sandboxes, and use scenarios such as the Winter Olympics to take the lead in cutting-edge areas such as digital currency. Try it first and strive for leading breakthroughs.