This article was last updated on May 30, 2022
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China is using the digital yuan to boost consumption in the economy hit by the pandemic.
In the city of Shenzhen, 30 million digital yuan was distributed to citizens today to stimulate consumption and help businesses. Last week, 50 million yuan of digital yuan was distributed in an area of Hebei Province.
Lin Yifu, a lecturer and economist at Peking University, suggested this month that the Chinese government should distribute 1,000 yuan to each family in areas hit by the COVID-19 epidemic, half of which should be digital yuan.
While 261 million individual e-wallets were opened in China in 2021, 87.6 billion yuan transactions were made using digital yuan.
Digital yuan
China
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