Jiangsu launched a provincial-wide pilot project of digital RMB

Recently, the General Office of the People's Government of Jiangsu Province issued the "Jiangsu Province Digital RMB Pilot Work Plan" (hereinafter referred to as the "Work Plan"), which clearly defined the safe and orderly implementation of the digital RMB pilot in the province, and strived to basically form a digital RMB operation and management system with convenient and efficient services, wide application coverage and relatively complete ecology by the end of 2025.
The Work Plan defines nine key tasks: vigorously expand the application in the retail payment field, steadily expand the application in the public field, constantly enrich the application in the inclusive field, actively explore the application in major strategic areas, accelerate the creation of characteristic demonstration applications, focus on building an open application ecosystem, continue to carry out publicity and promotion activities, attach importance to improving the supervision of digital RMB, and establish and improve the risk prevention and control system.
Suzhou is one of the first pilot cities of digital RMB in China. By the end of 2022, the cumulative transaction amount of Suzhou Digital RMB exceeded 340 billion yuan, personal wallets exceeded 30.54 million, and pilot scenarios exceeded 930000; The pilot work of digital RMB loans to small and micro enterprises was first approved by the People's Bank of China. The total amount of loans has exceeded 18.7 billion yuan, and the core indicators are leading in the country.
In addition, the Work Plan further defines the time node of pilot promotion. From January to March 2023 is the pilot preparation stage, from April to December 2023 is the promotion start stage, from January 2024 to June 2025 is the incremental expansion stage, and from July to December 2025 is the summary and deepening stage.
In recent years, the pilot test of digital RMB has been steadily and steadily advanced. Up to now, the People's Bank of China has selected some regions of 17 provinces (districts, cities) to carry out digital RMB pilot projects. According to incomplete statistics, since 2022, the governments of pilot regions have carried out nearly 50 digital RMB consumption red packets distribution activities around the theme of "promoting consumption", "combating the epidemic", and "low-carbon travel", and various commercial institutions have also carried out many marketing promotion activities, effectively promoting the recovery and potential release of social consumption. By the end of 2022, the stock of digital RMB in circulation will be 13.61 billion yuan.