Wang Xin, Director of Research Bureau of the Central Bank: The Central Bank has used the block chain to establish a pilot trade financing platform Mars Finance and Economics

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Wen | Du Hall
On August 6, Wang Xin, Director of the Research Bureau of the Central Bank, announced at the regular briefing of the State Council that the Central Bank was exploring measures to implement relevant financial reforms and financial interconnection in the Dawan District of Guangdong, Hong Kong and Macao. Wang Xin said that the central bank has set up a trade financing platform in the Dawan region, using block chain technology for pilot projects. At present, the trade financing platform has been put into trial operation online.
At the launching ceremony of the Digital Finance Open Research Program held on July 8 and the first academic seminar, Wang Xin disclosed that the State Council has officially approved the development of the central bank’s digital currency, and that the central bank is organizing market institutions to do the corresponding work. In order to promote the research and development of the central bank’s digital currency, the central bank has set up the central bank’s digital currency Research Institute to cooperate closely with the local government in Shenzhen and other cities to carry out systematic research and development.
The following is a record of Wang Xin’s speech at the State Council Policy Routine Briefing:
The Great Bay Area of Guangdong, Hong Kong and Macao is a very important area for our economic and financial development. Frequent exchanges of goods and personnel between Guangdong, Hong Kong and Macao have inherent strong economic motive force and market demand. It needs further integration, development and interconnection. Including in the financial sector, of course, because the financial impact is relatively wide, the market is prone to volatility, so in this process, we need to pay attention to prudent measures to prevent risks. Promoting the development of the Dawan District is a major decision of the Central Committee. The People’s Bank of China, in accordance with the planning outline for the development of the Dawan District and the principle of “combining far and near”, has explored relevant measures for implementing relevant financial reforms and financial interconnection. That is what I just said. On the one hand, we should promote it to meet the needs of the internal development of the market, on the other hand. In order to guard against risks, we should follow the strategy of “combining far with near”.
Some time ago, we took some important measures to meet the needs of residents in Guangdong, Hong Kong and Macao.
On the one hand, it is convenient for Hong Kong and Macao residents to use mobile payment in the Mainland, because Hong Kong friends often feel that mobile payment in the Mainland is very developed, but they will not be able to use it when they come. Therefore, measures have been taken to facilitate Hong Kong residents to use mobile payment in the Mainland.
Secondly, it is convenient for Hong Kong residents to open settlement accounts of mainland banks in different places, including second-class accounts and third-class accounts. In Hong Kong, Hong Kong residents have opened bank settlement accounts through proxy witness in the local area to facilitate their financial activities and transactions.
Thirdly, we should establish a platform for trade financing, and make good use of the technology in the regional chain to do a good pilot. Now the platform of trade financing has been put into trial operation online.
Fourthly, the Renminbi Overseas Investment Fund has also been established in Qianhai, Shenzhen.
Fifth, replication of free trade accounts is allowed in the Guangdong Free Trade Area. These are the measures taken in the previous stage, and the effect will gradually emerge.
Next, the People’s Bank of China will further promote cross-border trade, investment and financing facilitation and financial market interconnection with relevant departments, and further improve the level of financial services. Many of the “links” you mentioned just now involve different financial products. Next, we will carefully evaluate the functions and applicability of relevant financial products, further promote financial interconnection in the Great Bay Area of Guangdong, Hong Kong and Macao, facilitate residents’transactions and enterprises’ financing activities, and better guard against risks. Thank you.