Guangzhou's 15th Five-Year Plan Recommendations: Expand the Application Scenarios of Digital RMB

PANews reported on December 22 that the Guangzhou Municipal Committee of the Communist Party of China released its proposals for formulating the 15th Five-Year Plan for National Economic and Social Development of Guangzhou. The proposals include accelerating the construction of a strong financial city. This involves building a modern financial service system that is more internationally competitive and commensurate with the core engine function of the Greater Bay Area. This includes strengthening platforms such as Zhujiang New Town and the International Financial City, promoting the Guangzhou Futures Exchange to enrich its futures and options offerings, and supporting the growth and strengthening of legal financial institutions. The proposals also call for intensified reforms in the financial sector, building a comprehensive, full-chain technology financial service system, promoting the effective integration of green finance and transitional finance, improving the policy "toolbox" for financial support for micro and small enterprises, establishing a provincial-level demonstration model for elderly care finance, and expanding the application scenarios of the digital RMB. Furthermore, the proposals include improving the mechanism for cultivating companies to go public, supporting mergers and acquisitions of listed companies, accelerating the development of innovative business models such as investment advisory and asset management, and building a wealth and asset management center for the Greater Bay Area. Finally, the proposals also include improving the local financial regulatory system and strengthening central-local regulatory coordination.