The Chinese Government Has Set KPI For The Digital Yuan Of IDR 4.5 Quadrillion In Suzhou

The Chinese government has set a large target for Digital Yuan. (photo: dock. Pixabay)

Reported by China's local media, JS, on February 1, an annual meeting on the trial of the central bank's digital currency, the digital yuan (e-CNY CBDC) was attended by senior Communist Party officials in the city of Suzhou.

As part of the results of the meeting, party officials have set a tentative performance indicator (KPI/key performance indicator) of 2 trillion CNY (Rp4.5 quadrillion) for e-CNY CBDC transactions in the city by the end of 2023 which will be carried out by city administrators through promotional efforts..

Officials have also set a target to process an e-CNY loan worth 30 billion US dollars (Rp453 trillion) for small and medium enterprises in Suzhou by the end of the year. By 2022, city's e-CNY transactions surpassed CNY's 340 billion (50.5 billion US dollars) in 930,000 local businesses and government offices, with more than 30.54 million digital wallet downloads.

The total financial incentives related to e-CNY amounted to 40 billion CNY (US $ 5.9 billion), while 18.7 billion (US $ 2.78 billion) e-CNY loans had been issued.

Along with KPI e-CNY, local administrators are required to oversee the development of at least 1,000 companies in the digital financial technology sector in Suzhou that specializes in artificial intelligence, data, cloud computing, blockchain, and machine learning sectors by 2025, up from 371 today.

In 2025, digital asset data monitoring platform People's Bank of China, blockchain-backed financial and commodity exchanges, internet of things payment solutions, and fintech labs will produce tangible results. This will encourage the development of a digital financial ecosystem and synergize well with the financial sector in the city of Suzhou," the report said.