粤港澳大湾区区块链应用推广中心,粤港澳大湾区区块链有限公司

粤港澳大湾区区块链应用推广中心是由粤港澳大湾区区块链有限公司联合国家发改委、财政部、工信部、海关总署等部门共同发起成立的行业技术创新服务机构，旨在推动区块链技术在粤港澳大湾区的应用推广。

第一个关键词是区块链技术，它是一种分布式的数据存储技术，以区块的形式存储在各个节点上，具有不可篡改、安全可靠的特点，是一种新型的信息存储技术，可以用于存储任何类型的数据，包括文本、图像、视频等。它可以更有效地管理数据，并可以更加安全、可靠地保护数据。

第二个关键词是粤港澳大湾区，它是指香港、澳门和广东省的经济活动空间，由中国政府提出的一种经济合作模式，旨在推动三地经济活动的协调发展，实现区域经济一体化。粤港澳大湾区区块链应用推广中心将通过技术创新和政策支持，推动粤港澳大湾区的区块链技术应用推广。

第三个关键词是行业技术创新服务机构，它是由政府部门和企业联合发起成立的机构，旨在为行业技术创新提供服务。粤港澳大湾区区块链应用推广中心就是一个行业技术创新服务机构，它将提供技术创新咨询、技术培训、技术服务等服务，为企业提供解决方案，推动粤港澳大湾区的区块链技术应用推广。

㈠ Re-understanding the blockchain: Enlightenments brought by more than 1,550 application cases

Author: Ran Wei

(This article is excerpted from "2021 Global Blockchain Application Market Report")

When we talk about blockchain, anyone who knows something about blockchain can express their opinions more or less on related topics. Some insights. For example: from the perspective of technical system, blockchain is a new application of computer technology such as distributed data storage, point-to-point transmission, consensus mechanism, encryption algorithm; from the perspective of functional attributes, blockchain is decentralized, non-tamperable, and full-process. Features such as leaving traces, traceability, collective maintenance, openness and transparency.

Looking back at the history of blockchain, there is no way around Bitcoin. On January 3, 2009, the Bitcoin genesis block with serial number 0 was born. A few days later, on January 9, 2009, Bitcoin block number 1 was born. When two blocks are connected, the blockchain is "born."

The inventor of Bitcoin, who goes by the pseudonym "Satoshi Nakamoto", may find it difficult to imagine: In the past 12 years, with Bitcoin as the center, a huge "cryptocurrency family" has spread all over the world. The financial market set off a "big wave" that continues to this day. During this period, innovation and risks related to cryptocurrency are intertwined, progress and bubbles coexist, and pursuit and criticism coexist, and it drives government departments of various countries to continuously improve the monetary and financial systems, social governance and supervision systems.

At the same time, the blockchain that accompanies Bitcoin is also evolving rapidly, and has long gone beyond the scope of "Bitcoin's underlying technology" and has been applied to every corner of social and economic development.

So, what mechanism does blockchain work through? What are its advantages compared to traditional technologies and models? What is its application effect? In the "2021 Global Blockchain Application Market Report" jointly released by Capital Lab and Yuanwang Think Tank, we tried to provide a certain basis for the above issues through research on more than 1,550 application cases around the world in 2020 and the first quarter of 2021. Empirical answer. At the same time, based on the study of these cases, we can establish a new understanding of blockchain: blockchain is trust, blockchain is sharing, blockchain is transaction, blockchain is substitution, and blockchain is efficiency.

In the Bitcoin creation paper "Bitcoin: A Peer-to-Peer Electronic Currency System", "Satoshi Nakamoto" repeatedly emphasized that Bitcoin has the characteristics of not relying on a "trusted third party". That is the characteristic of “decentralization”.

On the other hand, the underlying technology of Bitcoin, the blockchain, is precisely designed for "trust." In other words, reshaping "trust" in the digital era is the most basic function of the blockchain, but this trust consists of trust between people and between legal entities.Converted into trust between machines, between blocks, and between nodes. Interestingly, the subsequent “smart contract” function has further strengthened this trust through its integration with the blockchain.

Identity coding and authentication are the first steps to achieve the above-mentioned trust mechanism, and the distributed identity (Decentralized Identity, DID) system is the core of it. With DID applications, everyone from individuals to organizations to IoT devices, from physical items to virtual products, can be given digital "identities" and achieve trusted interactions. It is precisely because of this that blockchain-based certificate storage, empowerment, verification, circulation, and transactions can be realized, and only then can blockchain be implemented in various industries.

Application cases from around the world show that new trust mechanisms provide new rules and motivation for social and economic operations:

l China is comprehensively promoting blockchain electronic certificates Applications such as "one fish, one code", "one fruit, one code", "one tea, one code" and other applications are driving the global Anti-counterfeiting traceability of agricultural products and upgrading of food safety systems;

l Through the combination of blockchain, big data, and artificial intelligence, the credit "portrait" of an enterprise is more accurate and can be obtained faster and more accurately. Lower-cost financing services;

l Charitable charity organizations have put charity funds "on the chain" to form a more transparent and standardized charity tracking and management system;

l Relevant cities in China have launched a blockchain-based gas cylinder product traceability management system, and the credibility of the source of gas cylinder file information and the level of gas cylinder safety management have been greatly improved;

l Germany is developing its distributed energy resources Assets establishes a digital registration system based on identity authentication to promote the development and trading of renewable energy and cope with the arrival of the digital energy era...

Among the three types of blockchains (public chain, alliance chain, private chain), alliance chain has been the most widely used. In addition to considerations of technical performance, operational efficiency, operability, expected results, etc., this is mainly because all parties in the alliance already have a certain foundation of trust. This also shows from another perspective that in blockchain applications beyond cryptocurrencies such as Bitcoin, "multi-centralization" rather than complete "decentralization" is a more realistic option.

In addition, it is undeniable that unlike the proof-of-work mechanism that Bitcoin “mining” relies on, the blockchain cannot completely ensure the integrity of the on-chain data from the source in the actual application process. Authenticity. In other words, a certain alliance member or node may provide false data intentionally or unintentionally. However, with the help of the characteristics of blockchain such as non-tampering, traceability, and multi-party consensus, the alliance can deal with counterfeitingIdentify and punish accordingly, such as "kicking" the fake members out of the node. Therefore, in a sense, blockchain-based trust largely establishes alliance members’ awe for the authenticity of data and deters data fraud.

If "trust" is the foundation of blockchain applications, data sharing is the core of blockchain applications. Without data sharing, there will be no cooperation, and the practical application of blockchain will be impossible.

l The State Administration of Foreign Exchange's "Cross-border Financial Blockchain Service Platform" pilot has been fully launched, promoting foreign trade exports through information exchange between foreign exchange bureaus, taxation, banks and enterprise-related market entities. Business development;

l The "Insurance/Claims Alliance Chain" jointly established by 11 insurance companies in Taiwan has been put into operation, and each company has achieved "single application and common documents" on this platform;

l Blockchain platforms such as Contour and TradeLens are reshaping the global supply chain and providing impetus for the digital transformation of international trade through data collaboration among enterprises, financial institutions, shipping companies, terminals, customs and other institutions... .

l In China, through data collaboration, various government departments have realized "one data, one source, one source for multiple uses, one network, and full network operation";

l Through The "Judicial Chain" platform allows all types of electronic evidence to be seamlessly connected with judicial institutions such as notarization, arbitration, judicial appraisal, and courts, which improves the efficiency of the judicial system while reducing costs;

l Targeting grassroots nationwide The court's "cross-domain collaboration mechanism for trial auxiliary matters" can realize "cross-domain service and cross-domain evidence collection" between courts in different regions, effectively improving the efficiency of trial auxiliary matters and trial quality and efficiency, and reducing judicial operation costs... ….

l China's "Guangdong-Hong Kong-Macao Greater Bay Area Combination Port" project was officially launched, which can support the interconnection and interoperability of trade parties among the five major customs jurisdictions of the Greater Bay Area and become the first connected port in the Greater Bay Area , customs, logistics, enterprise, finance and other trade processes, interconnected and shared blockchain network;

l Japan's KDDI Telecom, Hitachi, Kansai Electric Power, Sekisui Construction and other large enterprises have established blocks Chain Alliance NEXCHAIN ​​to form a cross-industry real estate information sharing and management model and promote cross-industry innovation;

l The French Renault Group completed the test of its blockchain project "XCEED" for zero Sharing compliance information between component suppliers and automakers and simplifying compliance certification….

Although the above application cases in finance, government affairs and various industries are only a few typical cases, they are enough to illustrate that: on the one hand, data sharing is an inherent requirement of blockchain applications. In terms of specific implementation, everything must start from breaking down"Data islands" and "information asymmetry" began; on the other hand, the application practice of blockchain has in turn promoted cross-level, cross-department, cross-industry, cross-region, and cross-border data sharing and unprecedented cooperation.

It can also be seen from the above cases that based on the transparency, security, trustworthiness and other characteristics of the blockchain, data sharing allows cooperation that originally seemed impossible to be achieved, and more Open innovation results; data sharing can effectively improve the operating efficiency of business systems, financial systems and social governance systems; various organizations promote their own organizational changes and process changes while sharing and cooperating with external institutions.

Based on trust and sharing, "transaction" is the most intuitive and deepest manifestation of the value of blockchain applications. Currently, blockchain is opening a new chapter in the transformation of transaction models in various industries around the world.

From a functional architecture point of view, blockchain-based transactions are by no means just a change in the transaction process, but integrate the unique functions of the blockchain, which are the key to anti-counterfeiting traceability, supply and demand docking, and warehousing. Integrated integration of blockchain applications such as logistics, payment/settlement, supply chain financing, insurance, and network security.

From the perspective of application form, blockchain-based transactions transcend the traditional concept of product or service transactions and represent the realization of the value of a wider range of data in circulation.

From the perspective of application scenarios, transactions based on blockchain involve the upgrading of the physical industry, the digital advancement of the financial industry, and the innovative application of the "token economy".

In the physical industry, take the application of agricultural blockchain as an example: on the one hand, supply chain traceability based on blockchain has become an important barrier to food safety; but on the other hand, for growers or For farmers, the supply chain traceability function is far from enough. How to help them expand the sales of agricultural products and obtain more income as much as possible is the "hard truth" for blockchain technology to continue to promote agricultural development. In other industries, the same applies.

Against the above background, new trading platforms in the global physical industry continue to emerge:

l The Indian government uses blockchain platforms to help farmers in remote areas sell agricultural products to reduce the While eliminating intermediate fees, obtain higher income;

l The Swiss company Cerealia builds a blockchain-based agricultural product trading and financing platform to promote the export of agricultural products in emerging market countries around the world;

l The world's largest independent refined sugar producer, Al Khaleej Sugar Company of the United Arab Emirates, launched DigitalSugar.io, a blockchain-based sugar product trading platform, to realize spot-based international raw sugar trading;

l Jiangxi Ganzhou has launched an international timber electronic trading platform based on blockchain.The whole process of timber trading will be managed on the chain, and the timber market will be provided with full industry chain services such as regulatory cloud warehouses, logistics, finance, and insurance;

l Shandong Province has launched the Shandong Internet Chinese Medicinal Materials Trading Platform, which will Realize online integrated services of quality control, transaction, payment, settlement and supervision through blockchain and other technologies;

l Weitang Town, Xiangcheng District, Suzhou released a blockchain-based pearl online trading platform, The core parameters and test reports of pearls will be uploaded to the chain for certificate storage, and functions such as supply chain management, trade finance, smart contracts, payment settlement, and incentive mechanisms will also be added;

l Honeywell launches aircraft zero GoDirect Trade, an online trading platform for new and second-hand parts, provides a valuable reference for large manufacturers on how to apply blockchain to parts trading and circulation...

In the financial industry, blockchain is promoting the digital advancement of financial transaction business in aspects such as securities trading, asset securitization, trade financing, and cross-border settlement:

l The Australian National Stock Exchange has launched ClearPay, a digital securities trading platform based on distributed ledger technology, which can provide multi-currency, real-time DVP settlement on the same day and will replace the original exchange settlement system;

l Switzerland The company Finka has launched a related securitization token investment platform based on livestock from organic pastures in Bolivia to promote the development of the local livestock industry;

l The American company Securitize has established a Japanese real estate investment platform based on digital securities , aiming to revitalize idle real estate in rural Japan and enhance the vitality of the rural economy;

l China Postal Savings Bank and China Construction Bank completed the first cross-blockchain platform forfaiting transaction, Hua Xia Bank Kunming Branch’s first Realize forfaiting resale business in the secondary market;

l Nanjing Iron and Steel completed blockchain-based iron ore transactions with Rio Tinto of Australia and Vale of Brazil respectively;
< br /> l Baosteel Co., Ltd. and Australia's Rio Tinto completed the first blockchain-based RMB cross-border settlement transaction...

Of course, while blockchain promotes the advancement of financial transaction business, dark sides such as hype, scams, money laundering, and cyber attacks related to blockchain and cryptocurrency continue to follow. How to continue to promote financial innovation while also carrying out efficient risk prevention and control and effectively cracking down on illegal crimes is an important issue that requires long-term response. From a global perspective, China has responded with clear attitudes, strict measures, and effective measures in this regard.

The transaction changes realized by the blockchain in the real industry and financial industry are only the initial stage of the blockchain changing the traditional transaction method. "Token Economy"my)" is the higher level of the "transaction" function of the blockchain.

Under the framework of the "token economy", from electronic certificates to skill certificates, from credit records to public welfare activity participation records , from social media tracks to carbon emission reduction actions, when various data become encrypted digital proofs of rights and interests, and can be circulated and exchanged, they are given the "token" function.

Regardless of the investment/speculation craze of "Non-Fungible Token (NFT)", we can already see many early applications of "token economy" around the world:

l The HotCity project supported by the Austrian government uses a crowdsourcing model combined with blockchain and gamification tokens to encourage residents to submit waste heat hotspots to meet urban heating needs more efficiently;

l Ford is establishing "green miles" for commercial and municipal fleets using hybrid vehicles to help improve urban air quality;

l Weibin District, Xinxiang City, Henan Province, is building on the Merchants and enterprises issue certificates through the points system to establish a new business service platform;

l Chengdu released a blockchain-based community governance product "Chain Community", where residents can participate in volunteer services and other activities Obtain "Time Bank" points from the platform and exchange them for benefits and discounts provided by community merchants;

l Electric vehicle charging network working group of the global non-profit organization "Mobile Open Blockchain Initiative" ( EVGI) launches a global standard system for decentralized car charging technology, covering Tokenized Carbon Credit (TCC) scenarios;

l Blockchain reward platform MiL.k cooperates with Korean retailers to provide Its members provide blockchain-based points management services. Members can convert existing points into local MLK tokens through the MiL.k platform, or exchange them for other third-party points...

By As can be seen from the above cases and more, the "token economy" has several distinctive features:

The "token economy" gives asset attributes and tradable attributes to a wider range of data, and through cross- Mutual trust and circulation across domains and platforms can improve the operating efficiency of the entire social and economic system;

"Token economy" is a new process of value creation and realization, which does not necessarily use currency directly. Instead of being a trading medium, it is more embodied in the exchange, mutual benefit and reconfiguration of various elements and resources;

"Token economy" is often combined with an incentive mechanism, through the exchange of "good people and good deeds", The incentives of "good companies" and "good institutions" will effectively reshape the social value system and social credit system.

Overall, the "Token Economy" will spawn new production factors, reshape production relations, and greatly liberate social productivity; the "Token Economy" represents the evolution of the "Information Internet" to the "Value Internet" , indicating the most exciting future of the digital economy; the "token economy" based on blockchain has begun to take shape, and has begun to bring continuous and visible changes to economic operations, social governance, and everyone's lifestyle. All types of institutions and individuals should be mentally and physically prepared for this change.

Like other new technologies, in the process of application and popularization, blockchain continues to produce substitution effects in terms of platforms, media, models, methods, etc.: physical documents are replaced by electronic documents, and credit records are replaced by electronic documents. Passes are replaced, manual review is replaced by data verification, and the city management platform is replaced by the "city brain"...

Such substitutions have become the norm:

l Argentina’s central bank has begun a proof-of-concept for a new blockchain clearing system, which may replace the existing clearing system;< br />
l Korea Minting and Security Printing Corporation (KOMSCO) expanded its blockchain digital gift certificate business to replace paper gift certificates and achieved record revenue despite a sharp decline in the issuance of banknotes and coins. Improvement;

l Courts across China have begun to use blockchain electronic seals to replace traditional paper seals in the enforcement of real estate seizures;

l The Shanghai court system is using artificial intelligence , the adoption of new technologies such as blockchain, and explore the use of digital court trial records to replace manual court trial transcripts;

l The Japanese company SUSMED launched a "Clinical Data Monitoring System Demonstration Using Blockchain Technology" pilot, indicating that the drug Or the necessary monitoring process in clinical trials of medical equipment can be replaced by a blockchain system;

l Alipay and Wukong Car Rental have cooperated to launch a "face-swiping" car rental service, which uses blockchain technology and credit-free security mode, tourists can rent a car by simply "swiping their face" and return the vehicle through mobile phone operations;

l Under the new crown epidemic, local governments in China have intensively launched "non-face-to-face" vehicles that combine blockchain technology ", no contact, zero errands" government service has replaced the traditional offline service method, providing a strong guarantee for the smooth progress of remote bidding, "cloud" customs clearance, financial support, resumption of work and production, etc. during the epidemic... .

In addition, we can also see that through the use of blockchain technology, various enterprise-level services are also realizing substitution and evolution: from paper contracts to electronic contracts, to program-based, Blockchain contracts that can automatically execute smart contracts. Blockchain is pushing contract signing into the era of "chain signing"; from offline human resources companies to online human resources platforms to basicIn the blockchain human resources market, global human resources services have experienced continuous changes from the 1.0 era to the 2.0 era and then to the 3.0 era.

Generally speaking, when the blockchain "invades" various industries, it will "mercilessly" delete all unnecessary links and processes, all unnecessary manual operations, and accelerate the The era of paperless, unmanned and automated is coming.

In the process of our analysis of more than 1,550 blockchain application cases around the world, words like "improve", "accelerate", "shorten", "lower", "reduce", "save", " Words such as "save" appear frequently in front of our eyes. These words show that the improvement of efficiency is the common pursuit of all parties involved in blockchain applications and is also the most direct result of the substitution effect of blockchain.

Numerous application practices are contributing to this:

l Kenyan company Shamba Records provides blockchain traceability, transaction and financing services to farmers in the country, currently covering more than 6,000 Small farmers and helped them increase their income by at least 40%;

l TradeWaltz, a blockchain trading platform invested by NTT DATA, Mitsubishi and other companies, completed a trial run, and the results showed that the platform can reduce traditional 50% of the workload of the trade process;

l Walmart Canada has significantly reduced invoice disputes with carriers by 97% through the application of the DL Freight blockchain platform;

l The State Grid Corporation of China’s power transaction certificate traceability inquiry platform has been put into operation, automating the entire authenticity review process for registered users and saving 99% of trusted manual review time;

l COSCO Shipping Lines and Shandong Port Group Qingdao Port have cooperated to launch a blockchain paperless import and delivery model, which can save customers nearly 24 hours on average per container;

l Taizhou, Zhejiang uses "materials" The "Internet + Blockchain" recycling system solves the problem of marine pollution control. Compared with traditional processing methods, this recycling system can save 94% of labor costs and 84% of operating costs...

In summary, through the joint action of trust mechanism, sharing mechanism and transaction mechanism, blockchain has formed an obvious substitution effect, improved the operational efficiency of finance, government affairs and various industries, and will Continue to create systemic change. This change is reshaping the relationship between people and machines, people and society, and people and the environment, and clearly points to three ultimate goals: efficiency, well-being, and environmental protection.

(ii) Guangzhou proposes 66 measures to promote the development of the Greater Bay Area and facilitate Hong Kong and Macao residents to purchase houses in the mainland of the Greater Bay Area

Guandian Real Estate Network News: On September 2, the Guangzhou Municipal Government’s executive meeting reviewed Through the "About Implementing Financial Support for Guangdong, Hong Kong and Macao University"Action Plan for Bay Area Construction Opinions, focusing on promoting the establishment of the Guangzhou Futures Exchange and the International Commercial Bank of the Guangdong-Hong Kong-Macao Greater Bay Area, as well as carrying out cross-border mortgage registration of real estate, pilots allow Hong Kong and Macao residents to transfer their own property purchased in the mainland of the Guangdong-Hong Kong-Macao Greater Bay Area. 66 specific measures have been put forward to mortgage residential properties to Hong Kong and Macao banks to facilitate Hong Kong and Macao residents to purchase houses in the mainland of the Guangdong-Hong Kong-Macao Greater Bay Area.
Guandian Real Estate New Media learned that the "Plan" proposed that Guangzhou needs to accelerate the construction of major projects and platforms. Promote the establishment of the Guangzhou Futures Exchange and accelerate the establishment of the Guangdong-Hong Kong-Macao Greater Bay Area International Commercial Bank in the Guangzhou Nansha New Area of ​​the Guangdong Pilot Free Trade Zone. At the same time, support qualified Hong Kong and Macao insurance institutions to set up operating agencies in Nansha District; promote the establishment of Hong Kong and Macao insurance service centers in Nansha District to provide after-sales services for life insurance and medical insurance to Hong Kong and Macao residents who work or live in the mainland and hold Hong Kong and Macao insurance policies.
The "Plan" points out that various qualified Hong Kong and Macao banks and other financial institutions will be supported to expand their business in the Guangzhou area through the establishment of new mainland legal person headquarters, branches and specialized institutions. Support overseas banks to establish branches and subsidiaries in Guangzhou at the same time; support commercial banks and foreign-funded institutions to jointly initiate the establishment of financial asset investment companies and wealth management companies in Guangzhou with no upper limit on foreign shareholding; support qualified commercial banks in establishing wealth management subsidiaries in Guangzhou , financial assets companies and their professional investment subsidiaries; foreign capital is encouraged to invest in trust companies and other financial institutions in Guangzhou.
In addition, support the orderly establishment of foreign-controlled securities companies, fund management companies, and futures companies in Guangzhou in accordance with the law, and explore and study the cross-border business of pilot securities and futures operating institutions in Guangzhou. Support Hong Kong and Macao private equity funds to participate in the financing of innovative enterprises in Guangzhou, and encourage qualified Guangzhou innovative enterprises to go to Hong Kong and Macao for financing and listing. Support securities financial institutions in Guangzhou to carry out mergers, acquisitions, reorganizations and overseas businesses, actively develop diversified and differentiated financial products and financial instruments, innovate cross-border investment and financing products, and build a first-class investment bank with international competitiveness.
Another important content of the "Plan" is to promote the facilitation of cross-border trade, investment and financing in the Guangdong-Hong Kong-Macao Greater Bay Area, and to improve the convenience of domestic and foreign currency exchange and cross-border circulation. Guangzhou will support the list of high-quality enterprises selected by banks in Guangzhou based on the self-regulatory mechanism of banks in Guangdong Province. For enterprises on the list, they can directly handle RMB settlement business for cross-border goods trade and service trade, as well as direct foreign businessmen based on the payment instructions they submit. Funds received from capital projects such as investment capital, cross-border financing and repatriation of funds raised from overseas listings are used for domestic payment.
According to the "Plan", banks in Guangzhou are supported to issue cross-border loans to institutions or projects in Hong Kong and Macao within the macro-prudential framework. Support the branches of Hong Kong and Macao banks in Guangzhou to provide loan services for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area. Support cross-border real estate mortgage registration in Guangzhou, and pilot projects allow Hong Kong and Macao residents to mortgage their self-occupied residences purchased in the mainland of the Guangdong-Hong Kong-Macao Greater Bay Area to Hong Kong and Macao banks to facilitate Hong Kong and Macao residents to purchase houses in the mainland of the Guangdong-Hong Kong-Macao Greater Bay Area.
The "Plan" also proposes to promote more channels for financial integration between Guangzhou, Hong Kong and Macaodiversify and promote the interconnection of financial markets and financial infrastructure. Support the standardized establishment of funds related to the Guangdong-Hong Kong-Macao Greater Bay Area, guide various social funds from Hong Kong, Macao and overseas, participate in the construction of the Guangdong-Hong Kong-Macao Greater Bay Area in a steady and orderly manner, and provide long-term and stable financial support for infrastructure construction, modern industry development and major project construction . Support non-investment enterprises to carry out equity investment pilot projects, orderly promote the interconnection of financial markets and financial infrastructure in Guangdong, Hong Kong and Macao, and carry out multi-faceted cooperation in financial bonds, corporate bonds, credit products and other aspects. Gradually expand the scale and scope of cross-border use of RMB in the Guangdong-Hong Kong-Macao Greater Bay Area, and promote the convenient cross-border circulation and exchange of RMB in the Guangdong-Hong Kong-Macao Greater Bay Area.
The "Plan" emphasizes vigorously developing financial technology, expanding the pilot scope of cross-border financial blockchain service platforms, and continuing to promote the in-depth application of mobile payments in key urban and rural areas in the Greater Bay Area such as smart transportation, smart life, smart medical care, and smart elderly care. , steadily promote measures to facilitate cross-border payments in areas such as public transportation in the Greater Bay Area, and continue to provide more professional, better and safer financial products and financial services to the Guangdong-Hong Kong-Macao Greater Bay Area. Support the promotion of domestic mobile payment pilots for overseas personnel in Guangzhou.

(iii) WeBank: Embracing the construction of the Guangdong-Hong Kong-Macao Greater Bay Area and empowering financial services with technological innovation

A few days ago, the Central Committee of the Communist Party of China and the State Council officially issued the "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area" 》, marking that the construction of the Greater Bay Area has risen to the national strategic level. If the Guangdong-Hong Kong-Macao Greater Bay Area wants to become a leading bay area in the world, it cannot do without the power of technological innovation. It shoulders the historical responsibility of building a new highland for our country's innovative development and leading and driving the Pearl River Delta region to take the lead in realizing innovative transformation.

Shenzhen is located in the central city of the Guangdong-Hong Kong-Macao Greater Bay Area. Its technological innovation capabilities and overall financial industry development level rank among the top cities in the Guangdong-Hong Kong-Macao Greater Bay Area. Technology and financial elements are closely integrated. As the first Internet bank approved to open in the country, WeBank was born in this innovative and creative city. Since its establishment, WeBank has been committed to the construction of financial technology and actively explored the financial applications of artificial intelligence (AI), blockchain, cloud computing, big data and other technologies. Give full play to the positive role of financial technology in empowering the real economy and promoting the development of inclusive finance.

"ABCD" pioneered the way, ranking fifth in the world with 104 patents in the year

The integration of technology and finance can deeply drive financial innovation in the banking industry and actively promote economic growth and social development. develop. At the beginning of its establishment, WeBank established the corporate vision of "technology, inclusiveness, and connection" and elevated the "ABCD technology strategy" to the height of the bank's development strategy, hoping to use technology to explore a safer, more A more efficient and smarter Internet banking service model serves markets currently not covered by the traditional financial industry and fulfills the original intention of inclusive finance. It is reported that in the four years since its opening, WeBank hasA total of more than 1 billion yuan has been invested in information technology, biotechnology and financial technology, and the bank's scientific and technological personnel have always maintained more than half of the total number of employees.

Relying on innovative construction methods of open source technology and distributed architecture technology platform, WeBank has successfully built a fully independent and controllable banking core system that can support hundreds of millions of customers and highly concurrent transactions. At present, WeBank has built 253 key systems and 1,223 subsystems. It was selected into the 10 major financial informatization events of the People's Bank of China in 2015, and won the first prize of Shenzhen Financial Innovation Award for two consecutive years in 2016 and 2017. It is understood that the number of patent applications publicly filed by WeBank in 2018 has ranked fifth in the world and third in China, with 104 patent applications throughout the year.

The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is a new attempt in the new era to promote a new pattern of comprehensive opening up. If the financial technology companies involved want to occupy a place in the fierce competition environment, the key lies in "open cooperation". WeBank has always implemented the "three major open strategies" in terms of financial technology: First, open platforms provide financial capabilities to partners through APIs, SDKs, etc. The second is to follow the open source technology trend and open up its own technological capabilities to the market through open source and open software. The third is open collaboration, including collaboration with financial peers, especially collaboration with financial institutions in the "9+2" city cluster in the Greater Bay Area, as well as collaboration with industries, so that finance can truly serve the real economy.

Strengthen financial technology capabilities and empower financial services

Financial technology is inseparable from the four major sectors of artificial intelligence, blockchain, cloud computing, and big data. On the one hand, WeBank has increased investment in science and technology and strengthened its financial technology capabilities; on the other hand, in conjunction with its "three major opening strategies", WeBank has carried out multi-level cooperation with other financial institutions and non-financial institutions to empower financial services. Strive to form an industry joint effort to promote the reform of the financial services industry, gain new competitiveness, and touch the future development of the banking industry.

As a purely online innovative bank, WeBank has no business outlets or teller staff. In order to solve problems such as customer identity authentication and customer service, WeBank applies artificial intelligence and biometric technology to remote customer identity authentication, intelligent customer service and other fields, and builds innovative products and services with WeBank characteristics. In terms of intelligent customer service, WeBank launched the intelligent cloud customer service "Weijin Xiaoyun", which is trained through deep learning models. Currently, an intelligent robot (Quote 300024, stock diagnosis) can replace 400 manual customer service personnel, and 98% of customer service services are completed by intelligent cloud customer service, which not only effectively supports massive customer needs, but also greatly saves labor costs.

In the development process of artificial intelligence, it will also face a series of new problems. The most typical example is the "data island" problem. If this problem is not solved for one day, it may inhibit the long-term development of the field of artificial intelligence.develop and cause serious business consequences. In response to the above problems, Professor Yang Qiang and WeBank have put forward a systematic and general solution based on "federated learning" after many efforts, which can solve the problem of joint modeling between individuals (to C) and between companies (to B). Recently, WeBank also took the lead in hosting the first meeting of the IEEE P3652.1 (Federated Learning Infrastructure and Applications) Standard Working Group. The IEEE P3652.1 project is the first international standard in the field of federated learning. In the future, "federated learning" is expected to break down data barriers in various fields and industries, and implement the dividends brought by artificial intelligence to every corner of society.

WeBank has also been at the forefront of the industry in the application of blockchain. Blockchain has attributes including distributed architecture, consistency, consensus mechanism, encryption algorithm and so on. Since its establishment, WeBank has invested resources in developing blockchain and distributed ledger technology, and built a self-developed distributed banking core architecture to handle massive customers and highly concurrent transactions. In May 2016, WeBank, together with several institutions, launched the Financial Blockchain Cooperation Alliance (Shenzhen) to promote the research and development and application of blockchain technology. In the same year, it joined hands with Shanghai Huarui Bank to launch an inter-institution reconciliation platform based on the alliance chain. This is also the first domestic banking alliance chain application scenario running in a production environment, and is dedicated to solving the problem of high reconciliation costs among financial institutions. Recently, WeBank also signed a cooperation agreement with the Macau government to establish the Macau Science and Technology Development Fund, which will use innovative technologies such as blockchain as the main fulcrum to strengthen the scientific and technological innovation capabilities of the Special Administrative Region, promote the development of smart cities, and further implement the concept of technology benefiting people's livelihood. Wellbeing Measures.

In-depth integration of industry, academia and research to ensure continuous technological innovation capabilities

To continue to maintain technological innovation capabilities, cultivating financial technology talents that meet needs has become the key. WeBank attaches great importance to the in-depth integration of industry, academia, and research. In order to give full play to the advantages of Shenzhen’s local financial technology resources and introduce high-quality international education resources, WeBank teamed up with Shenzhen University to establish the Financial Technology Research Institute in 2018, with both parties jointly undertaking scientific research and develop projects, hire high-level researchers, and jointly cultivate master's, doctoral, and postdoctoral talents to promote teachers' basic research and development practice, students' scientific and technological innovation training, and enterprise technology project research, promote the deep integration of industry, academia, and research, and achieve a win-win situation for all parties.

In January this year, WeBank and Nanyang Technological University of Singapore co-founded the Singapore Fintech Joint Research Center, which will fully combine WeBank’s fintech innovation advantages and the scientific research of Nanyang Technological University, a world-class university of science and technology. Advantages, closely track the research and development and application of cutting-edge technologies in the field of financial technology, accelerate the industrialization and commercialization process of related technologies, vigorously cultivate a team of leading financial technology talents, and build a school-enterprise that links industry and profession, integrates teaching and scientific research, and combines theory and practice Cooperative mode.

WeBank also cooperated with Xi’an Electronic Technology Co., Ltd.National University of Science and Technology, the Institute of Computing Technology of the Chinese Academy of Sciences, etc. have carried out research cooperation on the architecture, performance, security, consensus algorithm, cross-chain communication and other directions of the blockchain. They also plan to apply cutting-edge technologies such as hardware computing acceleration and high-throughput virtual machines to more financial services. scenario, jointly create a new generation of high-throughput blockchain computing engine.

In terms of government cooperation, WeBank actively connects with the National Standards Committee, the Standards Institute of the Ministry of Industry and Information Technology, ISO/TC307, IEEE and other standard organizations, and is deeply involved in multiple blockchain-related international, national, industry and Formulation of group standards; in-depth cooperation with the blockchain research working groups of the Central Bank, Internet Finance Association, Payment and Clearing Association, Financial Information Committee and other organizations to carry out research on related topics.

Those who keep integrity and innovate will advance. WeBank will actively respond to the innovation-driven development strategy of the Guangdong-Hong Kong-Macao Greater Bay Area, use financial technology innovation to promote financial services to the real industry, and continue to use financial technology innovation methods to continue to enhance risk control capabilities, improve risk control levels, and improve service efficiency. Reduce financing costs, resolve corporate financing problems, support small, medium and micro enterprises, and promote the transformation and upgrading of real industries, thereby promoting high-quality development of the real economy.

㈣ United Nations World Digital Currency Financial Management Committee

Lu Weiming, Chairman of the United Nations World Digital Currency and Financial Management Committee, will participate in the "First Blockchain Conference" from December 28 to 30, 2019. "Chain technology promotes high-quality development in the Guangdong-Hong Kong-Macao Greater Bay Area and private enterprises learn management from Huawei"! At the forum, Chairman Lu Weiming gave a lecture on the future layout and commercial applications of blockchain technology.

Is smart port related to service trade?

Relevant. After the smart port is activated, it will greatly increase the speed of customs declaration and improve the quality of service trade

㈥ WeBank helps the blockchain industry flourish

On July 19, China ( The "Digital "Chain" Greater Bay Area - Blockchain Assists the Integrated Development of the Guangdong-Hong Kong-Macao Greater Bay Area Report (2022)" (hereinafter referred to as the "Report") hosted by the Shenzhen) Comprehensive Development Research Institute was held in Shenzhen.

The report believes that digital technology represented by blockchain can play an important role in breaking the ice of institutional differences in the Guangdong-Hong Kong-Macao Greater Bay Area, supporting the leapfrogging of the real economy and empowering innovation in social governance, and effectively boosting the development of Guangdong-Hong Kong-Macao Greater Bay Area. The integrated development of the Hong Kong and Macao Greater Bay Area has entered a new era 2.0. The report uses a wealth of practical cases of blockchain usage scenarios to demonstrate the role and contribution of blockchain in the construction of digital economy, digital society, and digital government.

The Greater Bay Area has sounded the clarion call for the rise of blockchain.

“The blockchain field in the Guangdong-Hong Kong-Macao Greater Bay Area is active in innovation, with rich application results, strong factor attraction, strong policy support, and an ecological development trend.” At the press conference, the report announced the development of the Greater Bay Area in A series of achievements in the blockchain field.

The report shows that in 2021, there were 10,710 blockchain-related invention patent applications in mainland China, Hong Kong, Macao and Taiwan, of which 3,282 occurred in the Greater Bay Area, accounting for 31% of the total. In addition, the Greater Bay AreaA total of 756 articles were published on the topic of blockchain. Compared with other world-class Bay Areas, the number has begun to clearly dominate.

In the context of unprecedented changes in a century, experts and scholars shared their thoughts on the value of blockchain. Fan Gang, a well-known economist and president of the China (Shenzhen) Comprehensive Development Research Institute, said that under the influence of international situations such as the epidemic and the Russia-Ukraine war, new changes have taken place in the international trade system and currency settlement system. Since the blockchain has the characteristics of privacy, mutual trust of real information, and no need to repeatedly verify duplicate information, it greatly improves transaction efficiency. In his view, with Internet technologies such as blockchain, and empowered by the open source ecosystem of large companies, more small businesses will use the platform to play a role.

Fan Gang, President of China (Shenzhen) Comprehensive Development Research Institute.

Therefore, the report believes that “the Greater Bay Area has sounded the clarion call for the rise of blockchain.” "The Guangdong-Hong Kong-Macao Greater Bay Area has the advantages of open markets, diversified needs, and talent gathering. The cutting-edge science and technology field represented by blockchain is actively innovating, achieving fruitful results, and the ecological development trend has been set. It has become the key to the development of blockchain at home and abroad. The new highland is pregnant with the strong development pulse and greater development future of blockchain and digital economy." Liu, deputy director of China (Shenzhen) Comprehensive Open Key Development Research Institute, said when releasing the report.

Expansion, integration and innovation of cutting-edge technology in "Xinjiang region"

Ma, Vice President and Chief Information Officer of WeBank.

This is an example of using blockchain across borders for trusted data.

Tang Jie, professor at the School of Economics and Management of Harbin Institute of Technology (Shenzhen) and former deputy mayor of Shenzhen, commented on the report and pointed out that currently, the application results of blockchain in the Guangdong-Hong Kong-Macao Greater Bay Area are already very rich. The number of projects ranks among the top in the country, and a number of leading blockchain companies are emerging, which can not only effectively solve the current problem of poor flow of people and the institutional differences caused by commodities and funds in the Guangdong-Hong Kong-Macao Greater Bay Area, but also contribute to the cross-border transfer of data elements. and cross-domain use. He believes that new technologies such as blockchain should actively explore usage scenarios in the Greater Bay Area, and encourage technology-leading companies to be open and open source to create a good ecosystem.

Therefore, the report states that "digital technology represented by blockchain has accelerated the integration of the Greater Bay Area."

This integration is reflected in the fact that technology is melting the ice of institutional differences, supporting the leap of the real economy, and empowering innovation in social governance. Among them, in terms of melting institutional differences, the "Bay Area Fintech Talent Chain" of the Guangdong-Hong Kong-Macao Greater Bay Area, WeBank's inter-financial institution reconciliation platform, Guangdong-cross-border data verification platform, port logistics and

Harbin Institute of Technology ( Liu Chuanyi, executive director of the Shenzhen Data Security Research Institute and professor of the School of Computer Science and Technology, also believes that one of the functions of the blockchain is to trace the source of the evidence, which cannot be tampered with or traced back. This function determines that it can become an important infrastructure in the digital age. “As a basic infrastructure, the blockchain should first be open source, and secondly the source code should be formally verified. In addition, the blockchain should be vertically open, and some important uses should be fed back to these infrastructures, thereby strengthening the sustainability of the infrastructure. Iterate to make this infrastructure clearer.”

With the deepening of the connection between the rules and mechanisms of Guangdong, Hong Kong and Macao, the level of integrated development of the Greater Bay Area has continued to improve. The report further pointed out that in the 1.0 era, the integrated development of the Guangdong-Hong Kong-Macao Greater Bay Area has superficial aspects such as hardware docking, front stores and back factories, and gradient division of labor. The demand for layer-by-layer integration is being replaced by the deep-level integration needs such as system compatibility, economic interdependence, and social interconnection in the 2.0 era.

“The Guangdong-Hong Kong-Macao Greater Bay Area relies on cutting-edge technologies such as blockchain to realize trusted data in a diverse institutional environment. The flow or utilization under the conditions will improve the efficiency and effectiveness of the flow of people, logistics, and capital, and significantly expand the 'Xinjiang region' that is the hinterland of each other's economies and integrates innovation. "The report pointed out.

Developing a "trust transfer machine" to help integrated development

"Blockchain, especially the alliance chain, is a recognized machine for transferring trust. A distributed data transmission protocol based on blockchain technology and individual leadership can effectively promote the flow of data elements and help the integrated development of the Greater Bay Area. "As a representative of industry practice, Ma said when sharing.

According to his disclosure, WeBank has always regarded blockchain as one of the core technologies of financial technology, and took the lead in launching blockchain in the financial industry in 2016. Alliance "Golden Chain Alliance". It has always adhered to the concept of comprehensive security and controllability of blockchain technology, relying on the collaboration of the Golden Chain Alliance open source working group to create the underlying open source platform FISCO BCOS of the financial alliance chain, achieving localization support for the entire chain, and greatly accelerating It has promoted the development of the blockchain open source ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area. At present, WeBank, as the first digital bank in China, has accumulated 340 million effective individual customers and nearly 2.8 million small and micro enterprises.

Ma revealed that currently, The open source alliance chain ecosystem jointly built by Weizhong Blockchain and many parties has gathered more than 3,000 institutions and enterprises and more than 70,000 individual members, successfully supporting hundreds of industries such as finance, medical care, justice, agriculture, and manufacturing. Blockchain use, and the use of more than 200 benchmarks supporting industrial digitization.

Currently, the Guangdong-Hong Kong-Macao Greater Bay Area blockchain is showing an ecological development trend, and the open and diversified blockchain ecosystem is accelerating its evolution. Shenzhen Gu Qingshan, assistant general manager of Shizhangzhangtong Intelligent Technology Co., Ltd., pointed out that as the flagship financial technology incubated by Ping An Group, financial Zhang Tong has been deeply involved in financial technology for many years.

He has rich experience in the use of financial blockchain, and has extensive experience in patents and localization It has profound accumulation in other aspects and can meet the actual needs of financial institutions’ blockchain.

As a practical representative of the academic community, Pang Chuan, Vice President of Macau University of Science and Technology and member of the Macau Legislative Assembly, said that in addition to scientific research and serving society, the academic community also The most important thing is to cultivate talents. In June 2023, Blockchain Engineering (080917T) passed the registration and approval of undergraduate majors in general colleges and universities of the Ministry of Education. Four years later, the first batch of undergraduate graduates of Blockchain Engineering will be officially born. In addition, Tsinghua University, Peking University, University of Science and Technology of China and other well-known universities are on the list of candidates for the national pilot program for the innovative use of blockchain in the education field.

[Written by] Li Hualian

Related questions and answers: Procuratorate How to check the bank flow of WeBank? Procuratorate checks WeBankYou only need to go to the company to investigate the bank statements. Under normal circumstances, the court cannot check the bank statements of the person subject to execution. If it is related to the case, it can apply for inquiry. The transaction history of the person subject to execution may involve property outside the case. The property inquired, seized, frozen, transferred, and valuated by the people's court shall not exceed the scope of the obligation of the person subject to execution. Therefore, the court cannot inquire without legal authorization. .

㈦ The world's first Internet of Vehicles blockchain IOV Blockchain was officially open sourced to the world in Huangpu, China

On January 14, 2020, Beijing time, Guangdong Zhongke Intelligent Blockchain Technology Co., Ltd. opened in Huangpu, Guangzhou Successfully held the global open source of the underlying technology of the Internet of Vehicles blockchain, and the launch conference of the ecological service system, and released the underlying technology platform of the Internet of Vehicles blockchain IOV Blockchain to the world. With the MDPoS algorithm and cross-chain technology, it has officially become the fourth generation blockchain algorithm. The representative platform of technology ranks among the top ten blockchain underlying technology platforms in the world. In just two months after Zhongke settled in Huangpu, the number of blockchain technology patent applications has reached 11.2% of the number of applications filed by the People's Bank of China, and 1.3% of Alibaba, the world's largest blockchain technology patent application company, has become Guangzhou The Huangpu blockchain industry was successfully incubated and became the backbone of global blockchain technology competition. Zhongke Company, Guangzhou Intelligent Connected Vehicle Demonstration Zone Operation Center, and Jumbo Bus Group signed a tripartite agreement on blockchain technology application cooperation at the press conference, becoming another important scenario for blockchain technology application in Huangpu District.

The technical infrastructure route in the development process of the blockchain industry is particularly important, including core content such as underlying algorithm capabilities, open source service capabilities, ecosystem development capabilities, industry standardization processes, and digital chip industry applications. After long-term scientific research and incubation, Zhongke has completed the open source of the underlying blockchain algorithm and launched an ecological service system. In 2020, it will start the standardization construction of the Internet of Vehicles blockchain and the design and development of digital chips. The launch of IOV Blockchain’s open source and ecological services marks that the underlying technical strength of China’s blockchain is changing the competitive landscape of the new generation of global information technology. In terms of underlying technology and business ecology, as one of the core technology representatives of blockchain, it leads China’s blockchain industry and become a Chinese force participating in global competition.

This press conference received the guidance of Guangzhou Huangpu District Industry and Information Technology Bureau and Guangzhou Blockchain Industry Association, Guangdong-Hong Kong-Macao Greater Bay Area Blockchain Alliance, BLOCKCHAIN728, and Guangdong Automotive Supplies With the support of the Chamber of Commerce and the Internet of Vehicles Branch, more than 100 representatives from industry organizations and core blockchain companies attended the press conference and participated in technology docking activities.

This article comes from the author of Autohome Chejiahao and does not represent the views and positions of Autohome.

(8) How will the Guangdong-Hong Kong-Macao Greater Bay Area develop in the future?

Representative Tam Chi-yuan, member of the Hong Kong and Macao Representative Committee, said that the Guangdong-Hong Kong-Macao Greater Bay Area has the advantages of location, policy and 'one country, two systems'. The Guangdong-Hong Kong-Macao Greater Bay Area has the largest seaport and airport clusters in the world, with strong economic vitality and a high degree of openness. If overall coordination can be achieved to achieve clear division of labor, complementary advantages, and coordinated development among cities in the area, the prospects are limitless.

Commissioner Wei Mingde said that the “One Belt, One Road” initiative provides overlapping advantages for the Guangdong-Hong Kong-Macao Greater Bay Area to build a world-class bay area. As the frontier of opening up to the outside world, the Guangdong-Hong Kong-Macao Greater Bay Area has three major cultural ties: hometown of overseas Chinese, English, and Portuguese. It is an important bridge connecting countries along the 21st Century Maritime Silk Road.

㈨ Realistic basis and development suggestions for establishing a digital renminbi international demonstration zone in the Guangdong-Hong Kong-Macao Greater Bay Area

Text/Liu Qingfu, Professor of School of Economics, Fudan University, Fudan-Stanford China Financial Technology and Security Research Executive Dean of the Institute

Li Zhen is a postdoctoral fellow at the Big Data Institute of Fudan University and Zhuhai Fudan Innovation Institute, and a researcher at the International Monetary Institute of Renmin University of China

This article was published in "China Banking" magazine Issue 5, 2022

Introduction: The Guangdong-Hong Kong-Macao Greater Bay Area explores the establishment of an international digital renminbi demonstration zone, which will help promote cross-border digital renminbi cooperation and innovation in the Greater Bay Area, further optimize cross-border digital renminbi business, and provide Provide more convenient cross-border financial services to residents of the mainland, Hong Kong and Macao. At the same time, by finding and applying application scenarios suitable for cross-border retail payments, we can improve the applicability of digital renminbi in the cross-border field and prepare for more scenarios and larger-scale digital renminbi cross-border payments in the future.

The Guangdong-Hong Kong-Macao Greater Bay Area is one of the regions with the highest degree of openness, the strongest innovation capabilities, and the most dynamic economy in China. It plays an important strategic position in the overall national modernization drive and all-round opening up pattern. Under the framework of "one country, two systems", the Guangdong-Hong Kong-Macao Greater Bay Area involves three currencies, three customs territories, three legal systems and three social systems. The level of financial market interconnection and the convenience of cross-border financial services need to be improved. This not only brings challenges to the Greater Bay Area in piloting digital renminbi, but also provides a major opportunity for the Greater Bay Area to establish an international demonstration zone for digital renminbi.

Currently, while digital renminbi meets the needs of mainland retail payments, it also has the technical conditions for application in the field of cross-border payments. The Guangdong-Hong Kong-Macao Greater Bay Area explores the establishment of an international digital renminbi demonstration zone, which will help promote cross-border digital renminbi cooperation and innovation in the Greater Bay Area, further optimize cross-border digital renminbi business, and provide more convenient cross-border financial services to residents of the mainland, Hong Kong and Macao. At the same time, by finding and applying application scenarios suitable for cross-border retail payments, we can improve the applicability of digital renminbi in the cross-border field and prepare for more scenarios and larger-scale digital renminbi cross-border payments in the future.

The realistic basis for establishing a digital renminbi international demonstration zone

The Guangdong-Hong Kong-Macao Greater Bay Area is a model of high-quality economic development and a highland for digital economic development. GuangdongThe province is China's largest economic and populous province, reaching the level of a moderately developed country. The comprehensive provincial economic competitiveness ranks first in the country. It is also the forefront of China's reform and opening up. It ranks first in the country in terms of total import and export volume and the amount of foreign investment attracted. . Hong Kong and Macao are both market-oriented mature developed economies and international free trade ports. They are highly integrated with Western countries in terms of economic operation, legal rules, social and government governance. Guangdong, Hong Kong and Macao are located in the same bay area. They have strong economic strength and strong attraction of innovation factors. At the same time, they have the same culture, close people and complementary markets. They have basically formed a first-class bay area and world-class city that is full of vitality and international competitiveness. The group has become a model for high-quality development of the Chinese economy. Therefore, the highly developed and open regional economy and the institutional mechanism for high-quality economic development provide an important economic foundation and institutional mechanism guarantee for the Guangdong-Hong Kong-Macao Greater Bay Area to promote the construction of a digital renminbi international demonstration zone.

The Guangdong-Hong Kong-Macao Greater Bay Area has become a global digital economic development highland. As one of the earliest provinces and cities in China to lay out digital economy policies, Guangdong Province has achieved remarkable results in building a national digital economy innovation and development pilot zone, and its digital economy ranks among the top in the country. At the same time, the pace of 5G commercialization in Hong Kong has gradually accelerated, and the digitalization process of various industries has accelerated significantly. The Macao region is developing rapidly in the digitalization of public services such as smart cities, smart transportation, smart healthcare and digital government. The Guangdong-Hong Kong-Macao Greater Bay Area has unique resources and advantages in developing the digital economy. Especially during the COVID-19 epidemic, the digital economy leads high-quality economic development and provides very important support in hedging the downward pressure on the macro economy and the slowdown in the development of traditional industries. effect. Therefore, the rapid expansion of the digital economy in the Guangdong-Hong Kong-Macao Greater Bay Area has greatly promoted the demand for online financial services represented by mobile payments among residents of the Greater Bay Area, and has built a safe, universal and inclusive new retail payment foundation for the Greater Bay Area. The facilities have laid a solid foundation.

The Guangdong-Hong Kong-Macao Greater Bay Area has a multi-level and comprehensive cross-border financial cooperation pattern. The Guangdong-Hong Kong-Macao Greater Bay Area has initially formed a win-win pattern of financial market interconnection and characteristic financial cooperation. Among them, Hong Kong is a highly prosperous free port in China, as well as an international financial center, offshore RMB business center, global asset management center and risk management center. Shenzhen is a pioneer demonstration zone of socialism with Chinese characteristics, a special economic zone and a national financial center. It is also an important city for pilot applications of digital renminbi. Guangzhou is the home of the International Business and Trade Center, the Guangzhou Futures Exchange and the International Commercial Bank of the Guangdong-Hong Kong-Macao Greater Bay Area. It is also a digital renminbi pilot area. Macau is an international free port and a world tourism and leisure center, undertaking financial cooperation services and offshore RMB clearing between China and Portuguese-speaking countries. Although other cities in the Guangdong-Hong Kong-Macao Greater Bay Area have less developed financial industries, they are closely connected and interconnected with these four central cities.

The Guangdong-Hong Kong-Macao Greater Bay Area has obvious advantages in the financial industry. According to the "White Paper on Financial Development of the Guangdong-Hong Kong-Macao Greater Bay Area" issued by Guangdong Times Media Group (2021)" shows that as of the end of 2020, the GDP of the financial industry in the Guangdong-Hong Kong-Macao Greater Bay Area exceeded 1.5 trillion yuan, accounting for 12% of the regional GDP, which greatly exceeded the national average of 8%; the balance of deposits and loans of financial institutions exceeded 75 trillion yuan, accounting for 19% of the country’s total. At the capital market level, there are 2,319 listed companies in the Guangdong-Hong Kong-Macao Greater Bay Area, with a total market value of more than 35 trillion yuan. At the same time, it has the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, which has unique advantages in the world-class Greater Bay Area. Therefore, the Guangdong-Hong Kong-Macao Greater Bay Area can expand the scale and scope of the cross-border use of RMB in the Greater Bay Area through multi-level and all-round financial interconnection and the financial industry spillover effect of "using a point to promote an area, using a small to promote a big one", and contribute to the digital RMB is interchangeable and used in the Greater Bay Area.

Cross-border payments are developing rapidly. In recent years, cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area has been continuously deepened. The daily lives of residents in the Greater Bay Area are deeply integrated and personnel exchanges are becoming increasingly frequent. There is an urgent need for more professional, better and safer cross-border payment services. The demand for cross-border payment services Increasingly urgent. Especially after the outbreak of the new coronavirus pneumonia, cross-border e-commerce has ushered in rapid development, which has had a profound impact on the cross-border payment industry and has become an important area with the potential for vigorous development in the Guangdong-Hong Kong-Macao Greater Bay Area.

In order to meet the cross-border payment needs brought about by the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, governments at all levels have accelerated the improvement of connectivity in the Greater Bay Area in recent years and taken multiple measures to support the development of cross-border payment business, which has greatly promoted Facilitating the construction of cross-border payment services in the Greater Bay Area. For example, in February 2019, the Central Committee of the Communist Party of China and the State Council issued and implemented the "Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area" and proposed to jointly promote the interconnection of electronic payment systems in the Greater Bay Area. In May 2020, the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange issued the "Opinions on Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area", and subsequently the Guangdong Province issued the "Opinions on Implementing Financial Support for the Construction of the Guangdong-Hong Kong-Macao Greater Bay Area". The Implementation Plan for the Opinions on the Construction of the Hong Kong-Macao Greater Bay Area and the Work Plan for the Construction of a National Digital Economy Innovation and Development Pilot Zone in Guangdong Province both propose to facilitate Hong Kong and Macao residents to use mobile electronic payment tools for RMB payments in the mainland, and promote the use of mobile payment tools in the Guangdong-Hong Kong-Macao Greater Bay Area. Interoperable use. In September 2021, the General Office of Guangdong Province issued the "14th Five-Year Plan for the Development of China (Guangdong) Pilot Free Trade Zone", proposing to promote innovation in cross-border payment and settlement cooperation, further optimize cross-border mobile payment services, and provide services to residents of the mainland, Hong Kong and Macao. Provide more convenient cross-border financial services.

Digital RMB has great potential in cross-border payments in the Guangdong-Hong Kong-Macao Greater Bay Area. The use of legal digital currency and blockchain platforms to solve the common problems of long timeliness, high cost and low transparency in cross-border payments is crucial to providing efficient, fast and secure cross-border payment services.

A number of policies and measures support the implementation of digital RMB application pilots

In recent years, governments at all levels have vigorously supported the Guangdong-Hong Kong-Macao Greater Bay Area in terms of policies to carry out digital RMB applications.Pilot work on the application of RMB. For example, in August 2019, the Central Committee of the Communist Party of China and the State Council issued the "Opinions on Supporting Shenzhen in Building a Pioneer Demonstration Zone of Socialism with Chinese Characteristics" to support the development of innovative applications such as digital currency research and mobile payments in Shenzhen. In August 2020, the Ministry of Commerce issued the "Overall Plan for Comprehensively Deepening the Pilot Program for Innovative Development of Trade in Services", which clearly pointed out that digital RMB pilots should be carried out in qualified pilot areas such as the Guangdong-Hong Kong-Macao Greater Bay Area. In October 2020, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Comprehensive Reform Pilot Implementation Plan for Building a Pioneer Demonstration Zone of Socialism with Chinese Characteristics in Shenzhen (2020-2025)", proposing to support the implementation of internal closed pilot tests of digital renminbi and promote digital renminbi. R&D applications and international cooperation. In April 2021, the Guangdong Provincial People's Government issued the "Guangdong Province's Fourteenth Five-Year Plan for National Economic and Social Development and Outline of Long-term Goals for 2035", proposing to carry out innovative applications such as digital currency research and mobile payments, and support Shenzhen in developing digital renminbi. pilot and support Guangzhou’s efforts to be included in the digital renminbi pilot area.

Shenzhen took the lead in launching a digital RMB red envelope event at the end of 2019. As of the end of 2021, Shenzhen pilot institutions have successively launched 264 pilot activities in various forms, with more than 300,000 merchants accepted. District governments have issued 616 million yuan in digital RMB special funds to 2,422 small and micro enterprises, and have initially established existing application scenarios. There is also a digital RMB ecosystem for consumer groups. At the same time, in the field of digital renminbi cross-border payments, in March 2021, Shenzhen Luohu District cooperated with Bank of China and Bank of China Hong Kong to successfully complete the test work for Hong Kong residents to use digital renminbi in the mainland. This test explored the scenario of Hong Kong residents coming to Shenzhen for cross-border digital renminbi payments, laying a technical and cognitive foundation for promoting the cross-border circulation and use of digital renminbi in the future. At the end of March 2022, Guangzhou became the third batch of digital RMB pilot areas, and jointly operated banks to implement scenarios such as shopping malls, real estate and government affairs.

Four focus points for establishing a digital RMB international demonstration zone

Follow the principles of "no loss", "compliance" and "interoperability". The "no loss" principle requires that the digital renminbi should promote the health and sustainability of the monetary system, monetary policy, financial markets, and financial stability. The digital renminbi should not damage the status of the Hong Kong dollar as the legal currency of Hong Kong and the Macau pataca as the legal currency of Macau. At the same time, consumer rights and interests in digital currency exchange and circulation should be protected, fair competition should be promoted, and the market should play a decisive role in resource allocation. The principle of "compliance" requires that the digital renminbi should have a sound legal basis and a robust operating system, comply with laws and regulations on foreign exchange management, exchange system arrangements, cross-border capital flow management, etc., achieve a match between information flow and capital flow, and promote cross-border capital flow management. development of cross-border trade and global supply chains, serve the healthy development of the real economy, comply with regulatory requirements such as anti-money laundering and anti-terrorist financing, and strengthenProtection of user personal information. The principle of "interoperability" requires that the digital renminbi should make full use of existing financial infrastructure and advanced financial technology development achievements to achieve interconnection between the digital renminbi, Hong Kong dollar and Macau pataca systems and with the financial markets and financial infrastructure of Guangdong, Hong Kong and Macao. At the same time, it should be conducive to promoting the healthy and orderly development of cross-border payment business and eliminating the fragmentation of the digital currency market.

Establish legal digital currency exchange arrangements and regulatory cooperation mechanisms. Explore the currency exchange rate stabilization mechanism between the RMB, the Hong Kong dollar, and the Macau pataca, and promote the improvement of the quality and efficiency of cross-border financial infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area. Digital RMB follows the principle of "anonymity for small amounts and traceability for large amounts according to law", which not only meets the public's demand for anonymous small-amount payment services, but also prevents digital RMB from being used for cross-border illegal and criminal activities. Therefore, while the digital renminbi promotes the free flow of funds in the Guangdong-Hong Kong-Macao Greater Bay Area, it can also effectively control the flow of funds within the Greater Bay Area. In addition, it is recommended to carry out a capital account convertible cross-border regulatory sandbox pilot in the Guangdong-Hong Kong-Macao Greater Bay Area using digital renminbi as a carrier. On the one hand, the safe and convenient payment features of the digital renminbi are used to accelerate capital account convertibility and the internationalization of the renminbi; on the other hand, the smart contracts and real-time transaction data monitoring functions of the digital renminbi are used to effectively ensure the security and risks of the entire life cycle of the digital renminbi. Controllable.

Enrich the application scenarios of digital RMB cross-border payment. Digital RMB cross-border payment application scenarios include cross-border e-commerce, Hong Kong and Macao residents traveling to the mainland of the Greater Bay Area, and mainland residents of the Greater Bay Area traveling to Hong Kong and Macao. First of all, safe and convenient payment and settlement channels are an important guarantee for cross-border e-commerce to achieve closed-loop transactions. The application of digital renminbi in cross-border e-commerce scenarios can help reduce payment fees for small and micro enterprises. While improving the efficiency of cross-border capital flows, it can also enhance the protection of consumer rights and interests and better promote trade in the Greater Bay Area. and free and convenient capital flow. Secondly, Hong Kong and Macao residents who come to the mainland of the Greater Bay Area for a short period of time can open a digital renminbi wallet without opening a mainland bank account, so they do not need to rely on the intermediary function of commercial banks and use digital renminbi to meet daily retail payments in the mainland of the Greater Bay Area. need. Finally, expand the scope of use of digital RMB wallets among merchants in Hong Kong and Macao. Mainland residents in the Greater Bay Area can directly use digital renminbi when traveling to Hong Kong and Macao, providing a safer, more convenient, innovative and easy-to-use option for their cross-border retail consumption, and improving the efficiency and user experience of cross-border payment services.

(This article was originally published in the 2022 Issue 5 of "China Banking" magazine)