Tangdao Bay digital RMB block boosts real economy in Qingdao

The Tangdao Bay digital RMB block was unveiled in Qingdao West Coast New Area on Jan 31, along with a series of activities running until Feb 25, aiming to promote the use of digital currency in service of the real economy, facilitate cross-border payments for enterprises, support rural vitalization and boost consumer confidence.

The block will gather 47 types of characteristic products from the district, such as Jiaohai cabbage, Haiqing green tea, Zifei blueberry wine, Longwan sea cucumber and Huangdao blueberries. Through digital currency payment methods, it will offer convenience, benefits and assistance to the agricultural industry.

Organizers of the event, the Tangdao Bay Financial Sci-Tech Innovation Zone, in collaboration with the Bank of China Qingdao Branch, issued 24,200 digital RMB consumption vouchers, which are valid at 350 merchants in various commercial districts. These include catering, entertainment, retail, education and clothing companies.

As the ninth national-level zone approved by the State Council, Qingdao West Coast New Area has planned and constructed Tangdao Bay Financial Sci-Tech Innovation Zone to a high standard. It promotes various financial models to serve the real economy and is committed to creating a more open and innovative financial market. In 2023, new loans exceeded 240 billion yuan ($33.33 billion), and there were 274 registered funds exceeding 10 million yuan in total.

As of now, the new area has attracted 242 financial institutions of various types, with assets totaling 57.139 billion yuan, accounting for more than one-third of the city's total in terms of quantity and asset size.

An aerial view of Tangdao Bay digital RMB block in Qingdao West Coast New Area, East China's Shandong province.  [Photo/Xihaian Media]