digihuman(BJ:835670) Sou Hu Cai Jing·2025-12-02 13:31Core Viewpoint - The "2025 Shenzhen International Financial Conference" focuses on the theme of "Building a Financial Power and High-Level Opening Up in the Greater Bay Area," discussing the strategic path for China's financial development amid global economic changes [1]. Digital Currency Development - The digital RMB has undergone three phases since 2014: theoretical research, closed-loop pilot, and open pilot, gradually being promoted in daily life [3]. - The digital RMB features a centralized management and dual-layer operation model, ensuring reliable monetary policy transmission and efficient monetary control [3]. - It possesses both account and value characteristics, allowing for value transfer without the need for a bank account, thus reducing reliance on financial intermediaries [4]. Technological Infrastructure - The digital RMB employs a hybrid technical architecture that combines centralized and distributed systems, supporting high transaction volumes and continuous operations [4]. - It can load smart contracts, enabling programmability and automatic payment transactions based on agreed conditions [4]. - The digital RMB aims for greater internationalization, advanced digitization, and broader tool functionality, expanding its use beyond daily transactions to digital asset trading platforms [5][6]. Challenges and Strategic Responses - The digital RMB faces challenges from the U.S. financial hegemony and competition in the domestic mobile payment market [1][7]. - To counter U.S. monetary dominance, China aims to enhance the stability of the RMB, promote a multi-polar currency system, and establish a robust cross-border payment infrastructure [9][10]. - The digital RMB is positioned as a credible digital payment tool backed by national credit, aiming to compete with U.S. stablecoins [10]. Market Application and Expansion - In 2024, mobile payments in China reached 2,109.8 billion transactions, with a total transaction amount of 563.7 trillion yuan, dominated by Alipay and WeChat Pay [12]. - By mid-2025, the cumulative transaction amount of digital RMB is expected to reach 12.9 trillion yuan, with 3.16 billion transactions [12]. - The digital RMB will continue to expand its application scenarios, including personal payments, merchant payments, and cross-border transactions, while optimizing user experience and acceptance environments [12][13].