文/中国人民银行党委委员、副行长 陆磊 党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展 第十五个五年规划的建议》提出"加快建设金融强国" "稳步发展数字人民 币"，为今后一个时期数字人民币发展和完善提供了行动指南。面向经济 社会数字化、智能化发展趋势，为深入贯彻习近平总书记关于金融工作的 重要论述，顺应实体经济和金融体系对数字人民币发行、流通、使用的新 需求，把握国际货币体系演进的历史趋势，切实提升数字人民币管理质效 和服务能力，在总结十年研发试点经验基础上，中国人民银行出台了《关 于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方 案》（以下简称"《行动方案》"），新一代数字人民币计量框架、管理体 系、运行机制和生态体系将于2 026年1月1日正式启动实施。 一、坚持与时俱进把握数字人民币定位和发展方向 习近平总书记明确要求，"坚持在市场化法治化轨道上推进金融创新发展。金融的安全靠制度、活力在市场、秩序靠法治"。随着2008年国际金融 危机爆发，数字资产、加密货币和新型支付工具层出不穷。这既是经济数字化、智能化在金融领域的客观反映，也带来了影子银行、金融脱媒等 一系列微观宏观 ...

Core Viewpoint - The recent issuance of the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor" by the People's Bank of China and eight other departments aims to enhance the financial service system for the corridor, promoting high-quality development through 21 key measures focused on financing and settlement functions [2][3]. Financial Support Measures - The "Opinions" emphasize the importance of financial cooperation with relevant countries to expand capital connectivity and establish a clear and scalable financial cooperation network, particularly in light of China's participation in the Regional Comprehensive Economic Partnership (RCEP) [2][3]. - The document outlines a development line that integrates logistics, trade, and industry, advocating for financial reform and innovation to enhance the financial service system for the corridor [3]. Regional Collaboration - The initiative involves 13+2 provinces and municipalities, aiming to break regional barriers and promote a collaborative financial development model [4]. - Measures include integrated credit granting among financial institutions along the corridor and establishing a joint credit and syndicate loan mechanism to enhance financial cooperation across regions and with ASEAN countries [4]. Financial Product Innovation - A highlight of the initiative is the deepening of financial product innovation in the logistics sector, particularly through railway transport document financial services, which align with the corridor's development goals [5]. - Financial institutions are encouraged to develop tailored financial products to meet diverse financing and settlement needs across different stages of development [4]. Capital Market Contributions - The capital market is expected to provide diverse financing channels, with nearly 700 billion yuan in corporate bonds issued to support enterprises along the corridor in the first 11 months of the year [6]. - The China Securities Regulatory Commission aims to deepen comprehensive reforms in the capital market to enhance financing for various entities [6]. Cross-Border Financial Services - The "Opinions" propose measures to optimize cross-border trade settlement and investment financing, creating a more convenient and secure foreign exchange service environment [7]. - The initiative includes promoting the use of the digital yuan for cross-border transactions, enhancing efficiency and reducing costs for enterprises [7]. Implementation and Monitoring - The People's Bank of China plans to establish a collaborative mechanism to ensure the effective implementation of the "Opinions," including a dynamic monitoring and evaluation system for financial services [8]. - A financial service center for the corridor is set to be established in Chongqing, aiming to facilitate cooperation among financial institutions and enhance service capabilities [8].

责任编辑：曹睿潼 人民财讯12月29日电，中国人民银行副行长陆磊在《金融时报》发文称，中国人民银行将出台《关于进 一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》，新一代数字人民币计量框 架、管理体系、运行机制和生态体系将于2026年1月1日正式启动实施。 人民财讯12月29日电，中国人民银行副行长陆磊在《金融时报》发文称，中国人民银行将出台《关于进 一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》，新一代数字人民币计量框 架、管理体系、运行机制和生态体系将于2026年1月1日正式启动实施。 责任编辑：曹睿潼 ...

Core Viewpoint - The issuance of the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor" by the People's Bank of China and eight other departments aims to enhance the financial service system for the corridor, promoting high-quality development through 21 key measures focused on financing and settlement functions [1][2][3]. Financial Support Measures - The "Western Land-Sea New Corridor" connects Guangxi Beibu Gulf and the Indian Ocean to the south, and Central Asia to Europe to the west, serving as a critical node in the Belt and Road Initiative [2]. - The corridor has reached 583 ports in 127 countries and regions, with over 1,300 types of goods transported, indicating its growing influence and importance [2]. - The "Opinions" emphasize a development line of "corridor drives logistics, logistics drives trade, trade drives industry," focusing on problem orientation, multi-cross collaboration, and integrated development [2][4]. Multi-Cross Collaboration - The "Opinions" propose measures for integrated credit granting among financial institutions along the corridor, establishing joint credit and syndicate loan mechanisms, and a unified service network for domestic and foreign branches [4]. - A high-quality financial circulation system is essential for supporting the construction of the corridor, logistics, industry, and trade, with a focus on developing tailored financial products and integrated financial solutions [4]. Innovation in Financial Products - The introduction of railway transport document financial services is highlighted as a significant innovation in logistics financial products, aligning with the corridor's development positioning [5]. - Financial institutions are encouraged to provide more support and favorable terms for enterprises based on the authenticity of trade backgrounds and risk mitigation through railway transport documents [5]. Capital Market Contributions - The capital market offers diverse financing channels, including stock exchanges, corporate bonds, asset securitization, and real estate investment trusts (REITs) [6]. - In the first 11 months of the year, enterprises along the corridor issued nearly 700 billion yuan in corporate bonds, enhancing financing channels and reducing costs [6]. Cross-Border Financial Services - The "Opinions" introduce measures to optimize the cross-border settlement system, aiming to create a more convenient and secure foreign exchange service environment [7]. - There is a push for higher levels of trade and investment in renminbi settlement, with an emphasis on utilizing digital renminbi for payment and settlement [7]. Implementation and Monitoring - The People's Bank of China plans to establish a collaborative mechanism to ensure the effective implementation of the "Opinions," including dynamic monitoring and evaluation of financial services [8]. - A financial service center for the corridor is set to be established in Chongqing, aiming to enhance cooperation among financial institutions along the corridor [8].

Core Viewpoint - The company, Desheng Technology, is actively involved in the digital RMB and AI healthcare sectors, showcasing its technological capabilities and strategic partnerships to enhance its service offerings and market presence [1][2]. Group 1: Digital RMB Initiatives - The company is participating in the Beijing Minsheng Card project, which involves the first digital RMB hardware wallet [1]. - Desheng Technology has signed cooperation agreements with Postal Savings Bank and Agricultural Credit Interconnection to explore digital RMB applications [1]. - The company aims to implement digital RMB in social security cards and government subsidy distribution, indicating its readiness for practical applications in this area [1]. Group 2: AI Healthcare Developments - The company is integrating its "no-fee payment" platform into hospital HIS systems to streamline payment processes [1]. - Desheng Technology's AI medical products are being deployed in various provinces, including Guangdong, Anhui, and Guizhou, focusing on intelligent diagnosis and management of chronic diseases [1]. - The company has received recognition for its "no-fee payment" platform, which is now implemented in all top-tier hospitals in Guangzhou [1]. Group 3: Financial and Operational Updates - On December 26, the company reported a stock price of 9.41 yuan, with a trading volume of 41,700 shares and a turnover of 39.41 million yuan [1]. - The company plans to conclude four fundraising projects and allocate 609,600 yuan of surplus funds to enhance its working capital [2][3]. - The net outflow of main funds was 3.306 million yuan, while retail investors saw a net inflow of 4.7778 million yuan on the same day [2][3].

Group 1 - The "2025 Shanghai-Xiang City Winter Consumption Carnival" was launched to enhance cooperation in housing, tourism, culture, and commerce between Shanghai and Xiangcheng [1] - The event focuses on key sectors such as automotive, commercial integration, home furnishings, cultural tourism, and dining, aiming to create new consumption experiences for citizens [1] - The "Xiangcheng Urban Renewal Key Area Planning" was unveiled, showcasing the blend of classical charm and modern vitality in Xiangcheng [1] Group 2 - Xiangcheng's winter cultural tourism resources were promoted, highlighting its rich cultural tourism assets and superior commercial facilities [2] - The introduction of the "Xiangcheng Smart Cultural Tourism Hard Wallet" allows users to enjoy discounts and participate in digital RMB red envelope activities [2] - Local products such as strawberry wine and specialty rice saw significant sales during the event, indicating strong consumer interest [2]

Group 1 - China reduced its holdings of US Treasury bonds by $11.8 billion in October 2025, bringing its total to $688.7 billion, the lowest level since 2008, marking a strategic withdrawal that has seen nearly half of its holdings cut since the peak of $1.3 trillion in 2013 [1] - The total US national debt has surpassed $38 trillion, with annual interest payments exceeding $1.2 trillion, which is more than military spending, indicating a potential "Ponzi scheme" characteristic of what was once considered a safe asset [1] - The Federal Reserve announced its third interest rate cut of the year in December 2025, lowering the target range to 3.5-3.75%, a move seen as a desperate measure to manage debt rather than a standard economic stimulus [3] Group 2 - The Trump administration is pressuring the Federal Reserve for larger and faster rate cuts, with each 1% cut potentially saving the government nearly $400 billion in interest payments, highlighting the political challenges to the Fed's independence [3][5] - The market's confidence in US Treasuries is waning, evidenced by a failed 20-year bond auction in May 2025, where yields surged to 5.047%, reflecting extreme distrust in long-term US debt [5] - Global capital is reassessing the risks associated with US Treasuries, with Canada reducing its holdings by $56.7 billion in October 2025, the largest monthly decline of the year [5] Group 3 - China is strategically reducing its US Treasury holdings while increasing its gold reserves, which reached 2,292 tons by March 2025, with a significant monthly import of 127.5 tons in April, up 73% year-on-year [7] - The internationalization of the Renminbi is progressing, with the CIPS system connecting 1,729 institutions across 189 countries, and Renminbi settlements in Southeast Asia coal trade exceeding 30% [7] - The China-ASEAN Free Trade Area 3.0 agreement supports local currency transactions, allowing Chinese exports to Southeast Asia without needing to convert to US dollars, gradually eroding the dollar's dominance in the region [7] Group 4 - The US-China trade consensus reached at the end of 2025 reflects a pragmatic choice under pressure, as various stakeholders in the US oppose tax increases, emphasizing the importance of maintaining low-cost imports to control inflation [8] - China's export controls on critical metals and rare earths are impacting the US high-end military supply chain, with significant delays in production for companies like Lockheed Martin [10] - The Federal Reserve's plan to restart a $40 billion monthly bond purchase program is seen as a self-financing scheme, raising concerns about the sustainability of US debt without foreign buyers [10] Group 5 - China's trade surplus reached $1.08 trillion in the first eleven months of 2025, indicating a growing demand for Renminbi to purchase Chinese goods, with its share in cross-border trade settlements rising to 5.8% [10] - The digital Renminbi is making strides in cross-border applications, particularly along the Belt and Road Initiative, which could enhance settlement efficiency and reduce reliance on the SWIFT system [12] - The US consumer confidence index has dropped to 52.9, a 30% decline year-on-year, with a significant portion of the population reporting worsened financial conditions due to high prices, painting a contrasting picture of the US economy [12] Group 6 - China is adopting a gradual approach to reducing its US Treasury holdings, opting for a strategy of "not renewing" maturing bonds at a pace of $50-80 billion annually, signaling caution without causing market volatility [13] - China's foreign exchange reserves have remained above $3.3 trillion for four consecutive months, contrasting with the decline in US Treasury holdings, indicating a shift from "scale expansion" to "structural optimization" in reserve management [13] - In the context of Fed rate cuts and global sell-offs of US debt, China benefits from a complete industrial chain, diversified reserves, and a large domestic market, providing greater strategic flexibility [13]

Group 1 - The company is deeply involved in the Beijing Minsheng One Card project, contributing to the completion of the first sample card for a hardware wallet loaded with digital RMB [2] - The company has signed a cooperation agreement with Postal Savings Bank of China Beijing Branch and Agricultural Credit Union to explore application models related to digital RMB [2] - The company is prioritizing the exploration and implementation of loading digital RMB onto social security cards and distributing government subsidies through digital RMB, demonstrating its technical capabilities and promotional readiness [2]

Investment Rating - The report indicates a positive outlook on the cross-border payment industry driven by the digital renminbi, suggesting an upgrade in the investment rating for the sector [1]. Core Insights - The People's Bank of China (PBOC) is promoting the internationalization of the renminbi in conjunction with the digital renminbi, marking a transition from "scale expansion" to "structural upgrade" in the internationalization process [4][7]. - The digital renminbi enhances cross-border payment efficiency and regulatory control, providing a dual engine for the internationalization of the renminbi [4][7]. - The report emphasizes the establishment of a multi-track payment system that integrates cross-border regulation, infrastructure, and regional cooperation, which is crucial for the evolution of the digital renminbi [2][19]. Summary by Sections 1. Dual-Engine Framework Established - The PBOC has identified the steady development of the renminbi and digital renminbi as a core task for high-level financial openness, emphasizing a "dual-engine" strategy to enhance the international status of the renminbi [7]. - The cross-border payment system is being expanded, with a focus on the CIPS (Cross-Border Interbank Payment System) to better serve international trade and investment [7][9]. - The digital renminbi is positioned as a key driver for cross-border payments, particularly in small and frequent transaction scenarios, offering advantages such as decentralization, real-time settlement, and lower costs [7][9]. 2. Multi-Track Payment System Development - The multi-track payment system is evolving through cross-border regulation, infrastructure, and regional cooperation, which is essential for the digital renminbi's acceptance in international markets [2][19]. - The CIPS has expanded its reach, with 1,757 participants across 124 countries and regions, enhancing the renminbi's usability and stability in international transactions [9][10]. - The digital renminbi's design allows for real-time monitoring of cross-border fund flows, ensuring regulatory compliance while maintaining transaction efficiency [19][22]. 3. Infrastructure as Core Support for Internationalization - The CIPS serves as the backbone of the renminbi's internationalization, with a significant increase in participants since its launch in 2015, creating a robust institutional foundation for cross-border usage [9][10]. - The report highlights the comparative advantages of the CIPS over traditional systems like SWIFT, particularly in terms of transaction speed and cost efficiency [14][15]. - The digital renminbi's point-to-point settlement mechanism allows for near-instantaneous transactions, making it particularly suitable for small, high-frequency payments [15][16].

Core Viewpoint - The report from Guotai Junan highlights the significance of the Western Land-Sea New Corridor as a crucial international logistics channel that connects the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which is expected to enhance the cross-border use of the Renminbi and create new opportunities for digital Renminbi development [1] Group 1: Financial Support for the Corridor - The People's Bank of China and eight other departments released the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor," outlining 21 key measures to improve financial organization collaboration, establish a high-quality capital circulation system, and enhance cross-border financial regulatory cooperation [1] - The financial service system for the Western Land-Sea New Corridor will be comprehensively improved, optimizing the cross-border trade settlement system and further expanding the cross-border use of the Renminbi [1] Group 2: Cross-Border Trade Settlement - The "Opinions" support banks in facilitating legitimate trade settlements for quality enterprises based on principles of customer understanding and due diligence, while also promoting new trade formats such as market procurement and cross-border e-commerce [2] - To expand the cross-border use of the Renminbi, the "Opinions" propose strengthening bilateral currency cooperation with Southeast Asia and Central Asian countries, creating supportive conditions for Renminbi usage [2] Group 3: Digital Renminbi Development - The "Opinions" emphasize leveraging the advantages of digital Renminbi, such as payment and settlement capabilities, low costs, and programmability, to explore innovative solutions using smart contracts [3] - There is a focus on expanding the application of digital Renminbi in cross-border payment scenarios, aiming to reduce costs and increase efficiency in cross-border transactions [3]