Beijing's digital RMB transactions near 300 billion yuan

Beijing has rolled out 800,000 application scenarios for the digital RMB, with a total of 540 million transactions and nearly 300 billion yuan ($28 billion) in transaction value, further strengthening the city's position as a hub in the field of digital finance.

In the first three quarters of this year, both the financial sector and the digital economy in Beijing grew by 9%. At present, the city is home to nearly half of the nation's financial assets, and it ranks first in China in terms of the number of financial institutions, financial infrastructure, international financial organizations, and high-end financial professionals.

Beijing hosts nearly 100 universities and close to 1,000 research institutes. The combined advantages of abundant financial resources and a high concentration of innovation factors are driving the integrated development of Beijing's finance and technology sectors.

To seize the strategic opportunities of digital finance development, Beijing will take advantage of the reform of market-oriented allocation of data factors as a key breakthrough. The city will work to enhance the performances of Beijing Data Group and the Beijing International Data Exchange, and promote the compliant and efficient circulation and use of data.

Meanwhile, Beijing will launch open competitions for fintech application scenarios, driving the large-scale adoption of digital technologies in key areas such as green finance, inclusive finance, cross-border trade, and eldercare.

In addition, the city will fully support the Lize Financial Business District in enhancing and strengthening its digital finance-focused functions, so as to attract a greater concentration of high-quality resources.