Wu Yiqiang, member of the National Committee of the Chinese People\’s Political Consultative Conference

On March 3, Wu Yiqiang, member of the National Committee of the Chinese People’s Political Consultative Conference and president of the Tianjin Branch of China Construction Bank, said that in the future, we can take advantage of the advantages of the digital RMB smart contract and combine the industrial advantages of Tianjin to give full play to the technological advantages of the digital RMB in the aspects of accurate issuance of consumer vouchers, education, and supervision of prepaid fees in the service industry, and vigorously promote consumption upgrading and expansion.

Interpretation of this information:

The message above highlights the potential benefits of the Chinese digital RMB smart contract in improving specific areas like consumer vouchers, education, and supervision of prepaid fees in the service industry. Wu Yiqiang, a member of the National Committee of the Chinese People’s Political Consultative Conference, and president of the Tianjin Branch of China Construction Bank, believes that these benefits can lead to a considerable enhancement of consumption upgrading and expansion.

Consumer vouchers have been a crucial tool in stimulating spending in economies affected by the COVID-19 pandemic. China is no exception, with reports indicating that several provinces have allocated significant funding towards consumer vouchers. The benefits of the digital RMB smart contract in accurately issuing these vouchers are therefore significant. The digital reconciliation process allows for a streamlined issuance system that minimizes the chances of fraud in the vouchers’ distribution. With the secure digital RMB infrastructure, the government can ensure that the vouchers reach their intended recipients while eliminating the possibility of double-spending. Thus, the digital RMB smart contract can enhance the effectiveness of consumer vouchers as a tool for stimulating spending, upgrading consumption, and expanding the Chinese economy.

Moreover, education, especially in the digital age, is crucial for societies’ development. The Chinese government has recognized this, investing considerable resources in the education sector over the years. With digital payments and the Internet, individuals have the opportunity to learn new skills, access materials, and even connect with learning communities worldwide. The digital RMB’s smart contract can help better monitor and regulate fees, ensuring that educational services providers adhere to predetermined standards. This could enable the government to control the cost of education and curb the exploitative tendencies of some private players in the sector. As a result, combining the digital RMB’s technological advantages with the industrial advantages of Tianjin can promote a more efficient, accessible, and equitable education system.

Lastly, prepaid fees in the service industry are vital to ensure efficient service delivery. However, in many instances, prepaid fees lead to disputes between service providers and consumers due to unclear contract terms or improper accountability measures. Through the digital RMB smart contract, the government can monitor and regulate prepaid fees, ensuring that they are proper, transparent, and based on mutually agreed terms. This would enhance trust and promote an atmosphere in which service providers can deliver quality services efficiently. Such an ecosystem would also ensure that consumers get value for their money, a crucial aspect in promoting consumption upgrading and expansion.

In conclusion, the message by Wu Yiqiang highlights the potential benefits of the digital RMB smart contract in areas like consumer vouchers, education, and supervision of prepaid fees in the service industry. These benefits, combined with the industrial advantages of places like Tianjin, can enhance consumption upgrading and expansion in China. Thus, it is essential that the government continues investing in technological infrastructure that can optimize the digital RMB’s potential benefits for the economy and society.