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China to issue free digital yuan to boost locked down economy

·1 min read

Shenzhen, Guangzhou, and Xiong’an New Area announced they are distributing free digital yuan “red packets” to boost local consumption amid China’s economic slowdown fueled by mass Covid lockdowns.

See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane?

Fast facts

  • The Nansha District in Guangzhou said last Wednesday that it will give out 10 million yuan in digital yuan red packets to boost catering and retail industries, but hasn’t announced the date of issue yet.

  • Xiong’an New Area, a special economic zone southwest of Beijing, started distributing red packets on Monday as a part of its 50 million yuan plan to boost consumption, local media reported.

  • Chinese Premier Li Keqiang called for provincial, municipal and rural leaders to speed up infrastructure projects, boost jobs and restore growth, in a nationwide video conference last Thursday.

See related article: What I learned from my role in digitizing the yuan