Beijing (TDI): In a bid to align its financial system with the evolving digital economy, China has unveiled an ambitious action plan to drive the high-quality development of digital finance by 2027.
The initiative, released jointly by the People’s Bank of China and six other government departments, aims to accelerate the digital transformation of financial institutions, enhance the convenience and competitiveness of financial services, and advance the implementation of the digital yuan.
The action plan emphasizes the integration of digital technologies such as artificial intelligence (AI) and industrial internet into financial services.
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It also highlights the need to strengthen the foundation for digital finance development and improve the governance framework for the sector.
Key measures include encouraging financial institutions to adopt cross-border digital platforms and supporting the digitalization of maritime trade.
The plan also advocates for the construction of advanced infrastructure, including expanded deployment of cloud computing, AI, and quantum technologies, to overcome computational bottlenecks and provide efficient support for digital transformation.
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To promote global engagement, the plan underscores the importance of participating in international efforts on digital financial regulations led by organizations like the International Monetary Fund (IMF).
China Introduces Latest Innovation in Digital Finance
Earlier this month, at the 18th Shenzhen International Financial Expo, China introduced its latest innovation in digital finance—a visual hard wallet for the digital yuan—designed to offer safer and more accessible digital currency transactions.
The action plan is part of China’s broader strategy to strengthen its financial sector, with a focus on aligning core industries with the digital economy and ensuring the country’s leadership in global digital finance.
