The Office of the Financial Committee of the CPC Guangzhou Municipal Committee has issued a comprehensive action plan to further promote the use of the digital renminbi (RMB) in the city. The “Action Plan for Further Promoting Digital RMB Work in Guangzhou” aims to strengthen the digital currency’s role in enhancing the local economy and improving financial inclusion.
The plan seeks to build on Guangzhou’s existing achievements as part of the Guangdong Province Digital RMB Pilot Work Plan. It outlines a phased approach to expand the application of digital RMB across various sectors, including public transportation, healthcare, retail, and cultural tourism. By June 2025, significant progress is expected in extending digital RMB use in key areas of daily life.
Additionally, innovative scenarios such as cross-border payments, supply chain financing, and prepaid payment supervision platforms will be prioritised. This includes exploring integration with Guangzhou’s port and shipping trade, creating application demonstration zones, and introducing advanced payment methods for public services.
The action plan includes efforts to encourage public officials and municipal state-owned enterprises to adopt the digital RMB for salary payments and fiscal disbursements. These steps aim to foster a broader ecosystem for digital RMB usage, supported by active public engagement and education initiatives.
Local districts, including Yuexiu and Nansha, will serve as testing grounds for promoting the digital currency. These initiatives are designed to ensure the development of a safe, efficient, and user-friendly digital payment infrastructure.
The plan calls for increased collaboration between financial institutions, technology firms, and academic organisations to advance research and development related to the digital RMB. Guangzhou’s Digital RMB and Financial Innovation Key Laboratory, alongside other think tanks and universities, will spearhead innovation in financial technology and application scenarios.
By leveraging the expertise of local entities and global partnerships, the city aims to position itself as a leader in digital financial innovation. The establishment of a prepaid supervision platform and deployment of smart contracts for enhanced functionality are also key milestones.
The rollout will occur in three stages:
- Incremental Expansion Phase (June 2025) – Focus on expanding adoption in essential services and optimising user experience.
- Innovation Scenario Phase (End of 2025) – Develop specialised use cases, particularly in cross-border trade and regulatory frameworks.
- Exploration and Breakthrough Phase (End of 2026) – Achieve full coverage of digital RMB applications and establish a robust ecosystem.
The plan emphasises the importance of maintaining security and user trust. Emergency measures will address potential issues such as fraud and counterfeit wallets, while efforts will be made to ensure voluntary participation by both merchants and consumers.
Public awareness campaigns will highlight the benefits of digital RMB, including its cost-effectiveness, smart contract capabilities, and anonymity features. Positive public opinion management will be central to ensuring a smooth rollout.
Guangzhou aims to be a national leader in digital RMB adoption, leveraging the currency as a catalyst for high-quality economic growth. By the end of 2026, the city aspires to achieve a complete ecosystem for digital RMB applications, furthering its role as a hub for digital finance.
This action plan reflects Guangzhou’s ambition to enhance its financial infrastructure and embrace the digital economy, paving the way for greater innovation and efficiency in financial services.
