Chinese Communist Party Has Now Authorized KPIs For e-CNY

Chinese Communist Party

Reportedly, high-ranking Chinese Communist Party members in the Chinese city of Suzhou have set a new, lofty goal for the circulation of the digital yuan, also known as the e-CNY, issued by the People’s Bank of China.

As reported by JS China, Chinese Communist Party leaders on February 1st established a provisional key performance indicator (KPI) of 2 trillion CNY ($300 billion) for e-CNY CBDC transactions by the end of 2023. Municipal officials are responsible for putting the goal into action via various forms of advertising.

Chinese Communist Party Issues KPIs For e-CNY 

In addition, by the end of the year, Chinese Communist Party officials in Suzhou want to have facilitated $30 billion in e-CNY loans for SMEs and MSMEs. Over 30.54 million people had downloaded digital wallets by 2022, and e-CNY transactions in the city had topped 340 billion CNY ($50.5 billion) at 930,000 local enterprises and government buildings.

E-CNY loans were $2.78 billion, while e-CNY incentives were worth a total of $40 billion (or $5.9 billion). Concurrently with the e-CNY KPIs, local administrators in Suzhou are responsible for guiding the growth of at least 1,000 firms in the digital financial technology sector within the city by 2025, up from the current number of 371. These firms must specialize in ai technology, data, cloud services, cryptocurrency, and machine learning.

The People’s Bank of China’s efforts to create a data monitoring platform for digital assets, a blockchain-powered exchange for finance and commodities, a payment solution for IoT devices, and a fintech lab will bear fruit by 2025, according to a translation of the city’s plan. This would provide a strong incentive for the growth of Suzhou’s digital finance ecosystem while also complementing the city’s established financial services.