China’s financial regulatory reform, financial opening-up, and Central Bank Digital Currency (CBDC)

2021-11-19 09:30 - 10:30

Member Seminar

Speaker: Kan Lin

Title: China’s financial regulatory reform, financial opening-up, and Central Bank Digital Currency (CBDC)

Abstract: In this talk, I will explain the overall situation of China’s financial industry and review the development of China’s financial regulatory system reform from 1949 to 2021. Then, I will explain the policies of the 3 stages of financial opening-up, 2001–08, 2008–18, 2018≠present. In particular, the latest round of opening-up from 2018 has brought great opportunities for foreign institutions. China has the world’s largest banking industry with assets totaling $53 trillion, and accounts for 1/3 of the growth in global insurance premiums over the next 10 years. I will also introduce the progress of research & development of China’s Central Bank Digital Currency (CBDC, or E-CNY). By October 2021, 140 million people had opened E-CNY wallets, and 1.6 million merchants could accept payments using eCNY wallets, including utilities, catering services, transportation, retail, and government services.