China's economic planners have made the decision to tailor Hainan, a province in the South China Sea, into a Free Trade Port (FTP). In Hainan, the smart city is welcoming many high-tech industries but could also be a game-changer for the global entertainment industry.
The smart city has been built on the basis of the Hainan Resort Software Community (RSC), one of the largest technological parks in the world, which is a strategic joint project between the Hainan Provincial Government and China Electronic Corporation, a Global Top 500 company.
KEY POINTS
- Analysts predict that China's Central Bank Digital Currency (CBDC) will be the first to launch in the world
- China's speed in deploying projects at a national level should not be understated
- When CBDC launches, China can incentivize partners to use it
China’s Central Bank Digital Currency (CBDC) could be the first such currency to launch internationally, bypassing the U.S. dollar.
Read more: China's Digital Currency Will Be First To Launch Worldwide: 'It's Going To Be Seamless'
Beijing is convinced that innovation technology and infrastructure development hold the key to 'national rejuvenation'
As the world confronts the profound social, economic and political challenges that have emerged in the wake of Covid-19, Beijing has unleashed digital innovations that hold profound implications for the future of international trade, global governance, and geopolitics.
On April 25, in the midst of battling the pandemic, China’s government established the world’s largest blockchain ecosystem, the Blockchain Service Network (BSN), and its central bank introduced “digital yuan” pilot programs across four cities – making the People’s Republic the world’s first major economy to issue a national digital currency.
The COVID-19 pandemic has highlighted the importance of digital economy in restoring economic and social development, creating more jobs and improving people's well-being, Chinese Premier Li Keqiang said on Friday.
Li make the remarks in a congratulatory message to the opening ceremony of the 2020 China-ASEAN Year of Digital Economy Cooperation (DEC).
Read more: Importance of digital economy further highlighted amid COVID-19 pandemic: Chinese premier
Shenzhen ranked the first among the 32 major Chinese cities selected in an online governance service competition after an evaluation by the e-governance office of the State Council on Tuesday.
It also topped the rankings last year, when the evaluation was done.
The ranking is based on the city government's performance in five areas related to online governance service — efficacy, maturity, completeness, coverage and accuracy.
Read more: CN: Guangdong: Shenzhen tops in online governance