China uses digital yuan to stimulate virus-hit consumption

📆 5/30/2022 3:50 PM
📰 Reuters

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China is using the digital yuan to stimulate consumption in its pandemic-hit economy, with more e-CNY applications expected in future to boost transparency and effectiveness of government policies.

The southern city of Shenzhen started distributing 30 million yuan worth of free digital cash on Monday to revive consumption and aid businesses. It comes days after Xiong'an New Area in northern Hebei province, launched a similar campaign to hand out 50 million yuan worth of e-CNY "red packets" as gifts.

"Previously, when the government issued subsidies, there could be certain obstacles before the money reaches the recipients," said G. Bin Zhao, senior economist at PwC China.Zhao added that in the future, the government can use e-CNY for pension payments, fiscal subsidies and even infrastructure spending.

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