It is reported that Communist Party of China, a senior official in Suzhou, China, has set a new starting point for the application of digital currency in the central bank.

According to a report by local mainstream media JS China, senior party officials set the pending kpi target for electronic RMB CBDC trading in the region at 2 trillion yuan ($300 billion) by the end of 2023.

This goal will be implemented by garden management staff according to publicity and planning diligently.

Officials have also set a target of $30 billion in electronic renminbi borrowing for small and medium-sized enterprises in Suzhou by the end of this year.

In 2022, the electronic RMB turnover of 930000 local enterprises and government offices exceeded 340 billion yuan ($50.5 billion), and the number of digital currency wallets registered more than 30.54 million times.

The total amount of the Finance Bureau incentive mechanism related to the electronic RMB is more than 40 billion yuan ($5.9 billion), while issuing 18.7 billion yuan ($2.78 billion) of electronic RMB loans.

Under the premise of electronic RMB KPI, local managers are required to supervise the development of at least 1000 enterprises in Suzhou's digital finance industry by 2025, mainly engaged in artificial intelligence technology, data information, cloud computing technology, blockchain and machine learning.

The translation excerpt of Suzhou layout is as follows:

By 2025, the people's Bank of China's digital currency data monitoring platform, financial commodity spot blockchain technology-driven trading center, Internet of things technology payment solution, financial industry science and technology laboratory will bring tangible results. This will encourage the development trend of the digital financial ecosystem and better cooperate with the existing financial market department in Suzhou.