Hong Kong's pro-democracy activist Joshua Wong testifies at a hearing of the US Congressional Executive Commission on China entitled "Hong Kong's Summer of Discontent and U.S. Policy."
https://youtu.be/ufVputv5ig4
https://youtu.be/fcwY120RQ2o
Hong Kong: Police crackdown on protest activist Joshua Wong
https://youtu.be/kDQj39B-jGM
Farce hearing shows US hypocrisy
Radical Hong Kong oppositionists Joshua Wong Chi-fung and Denise Ho Wan-see on Tuesday were invited to testify at a US congressional hearing about the Hong Kong issues. Wong and Ho described Hong Kong as a city which has lost freedom under the suppression of the Communist Party of China. The hearing was full of biased information and lies.
The hearing itself humiliated US congressional hearing system. The US Congress invited only Hong Kong's radical opposition figures but ignored the opinion of Hongkongers who support both the Hong Kong Special Administrative Region (SAR) government's lawful measures and the Hong Kong police's efforts to counter riots in accordance with laws. The US Congress didn't even pretend to make the hearing look more credible.
US senators who proposed the so-called Hong Kong Human Rights and Democracy Act of 2019 have never thought about getting comprehensive, objective and real information about Hong Kong. The hearing they held didn't aim at verifying the situation in Hong Kong, but intended to use biased information to back their bill that hurts Hongkongers' interests.
The SAR government has officially withdrawn the extradition bill, but the opposition has extended their demands to so-called real universal suffrage. A few rioters continued to wreck havoc in Hong Kong. In such a context, the US Congress not only sided with the opposition in Hong Kong but also offered support to the extreme rioters.
Although Hong Kong society is split in public opinion, only a minority of Hongkongers would support the passing of the act. The act requires an annual assessment of the special status of Hong Kong as a separate customs territory, which will severely threaten the stability of the city's financial environment, and thus hurt the interests of the majority of Hongkongers. This has nothing to do with the political appeals of Hong Kong citizens.
Neither Wong nor Ho can represent the majority of Hong Kong people. Oppositionists like them collude with a handful of US senators and forge a fake public opinion of Hongkongers. Such a fraud in the US political system will only stain the US Congress rather than bring it glory.
The farce of the congressional hearing showed that the Hong Kong act proposed by the US Congress cannot reflect the reality of the Chinese city. It is a perfect match between the US current strategy against China and the interests of the extreme opposition of Hong Kong. It aims at offering a new tool to contain China.
Some Hong Kong extremists are determined to take sides with the US and will not hesitate to betray their own city's interests.
The Hong Kong act could pass as some US political elites are promoting it, and some extreme Hong Kong opposition are collaborating from within. But the situation will not necessarily develop as the two forces wish. The future of Hong Kong is not in the hands of Washington, but in the hands of all the Chinese people, including Hongkongers.
Hong Kong's separate customs territory status is guaranteed by the Basic Law. The US move cannot represent the entire world. The impetus of the city's constant prosperity comes from within and from its close ties with the motherland.
The US economic crackdown has not shaken China, nor will it determine the future of Hong Kong. Anyone who misunderstands this misunderstands the era and the world.
Washington is now trying to stop the small countries,
which urgently need to integrate with globalization, from breaking
“diplomatic ties” with Taiwan and turning to the People's Republic of
China. If Washington performs such a publicity stunt, it would be a
tragedy for the US.
Watch the start of the above video carefully. See the tall 6+ ft Caucasian guy easily grab the Policeman from behind first. Then he goes away. The HK rioters then rush in to beat up the Policeman, grabbing his baton, etc almost grabbing his gun. All these done in seconds. These are not ordinary HK protesters but are well trained to injure the Police, cause a loss of Police morale, create chaos that makes it difficult or almost impossible for HK Gov/Police to control. Objective is to have these riots, chaos spread to other Chinese cities, and ultimately lead to collapse of the China gov.
The same process for the Soviet Union starting with the destruction of the Berlin Wall in 1989, that eventually led to the total collapse of the Soviet Union, destroying the USA's only other super power competitor then.
Now that China is economically strong, advancing rapidly technologically with adequate financial resources to build up military capabilities rapidly, the stakes are even bigger for the USA to destroy China, using HK as a "beach head" in military terms, as HK has free movement of people and has no need to build up strong local surveillance of potential terrorists, rebels or foreign instigators. Not difficult for CIA/NED agents to be employed as international school teachers, sports coaches etc.
HK gov needs to rapidly build up local Police surveillance to identify and arrest these foreign agents, preempt more training of HK people, young and older ones to become rioters, that seek to physically and organisationally destroy HK day to day functioning as a city.
China's Beijing probably is aware of the repeat of Soviet Union act II targeted at China. Hence they are tightening their monitoring and control of Muslim population as these are likely ground forces that will be trained and groomed by the CIA/NED, if not already taking place. There are credible reports that both al-Qaeda and ISIS are trained and funded by the CIA/NED to fulfill its targeted national security objectives. So utilising Muslims in China is an easy channel.
This is the real war of modern times, where regime change in many countries in recent decades were brought about without US & Allied Forces having to send in actual uniform troops.... But troops that are incognito to the naive and innocent local people that are manipulated to act unbelievably aggressively and thoughtlessly as is now evident in HK.
HK gov needs to change their belief if so, that this is just another ordinary protests as they have experienced in recent years. Its a new war!
Top confidential: US President instructs CIA to abandon Hong Kong (Translated)
Just a small policeman got a message that is absolutely super confidential: US President Trump recently issued an order to the CIA to ask for abandonment of Hong Kong.
Why did the US president issue such an order? After all, Hong Kong is very important to the United States, especially the CIA. Hong Kong is a pawn for China in the hands of the United States. It is also the home base for the CIA’s intelligence war against China.
A small centre in Hong Kong, CIA has more than 1,000 staff! This is unique for the CIA's global layout! Therefore, we can imagine how Hong Kong is important to the United States, especially the CIA.
Bai Bangrui, a Chinese affairs adviser to the US Department of Defense, publicly admitted in the face of a reporter's question about the riots in Hong Kong: There are indeed many US agencies who plan to promote green activities in Hong Kong (actually riots). It is the unshakable national policy of the US government to push China into chaos by encouraging colored revolution through organised green mob disobedience and unrest.
Therefore, the main reason for the riots in Hong Kong that lasted for more than two and a half months was that the US government, mainly the CIA and CIA's substitute NED, planned, organized and directed behind the scenes. The purpose of the CIA is actually very simple. It is to achieve three goals by creating a mess in Hong Kong.
The first goal is to continue to promote the coloured revolution"through green mob disobedience and unrest" signifying that there is a large organised opposition towards China's policies.
The second purpose is short-term, which is to gain more weight in the trade war against China by creating a messy distraction in Hong Kong.
The third purpose is to be that at anytime, they would be a continuing and growing sympathy support for the green rioters to create disobedience and this is on long term a basis to draw the negative reactions of the Chinese government when the situation turn chaotic in Hong Kong.
It should be said that before this, the first goal of the US government has been fully achieved, while the second goal is only half completed, and the third goal is still out of reach!
However, since the chaos of Hong Kong, the situation has got out of control of the US government, and the weight is about to become a burden, making the US government very anxious. They could not control the drug rioters or other crimnals who had their own agendas.
Therefore, we have seen that US President Trump is very disappointed with the results of CIA’s actions in Hong Kong. Therefore, when he faced the international media, he used the term “thugs” against Hong Kong drug elements and claimed that this was China’s internal affairs.
Therefore, we have seen that the US Secretary of Commerce is also extremely disappointed with the situation in Hong Kong today. His reply to the politician’s request for the US government to openly intervene in Hong Kong was that he said, "Do we invade Hong Kong?"
The US CIA agents who were in the front line of the Hong Kong mobs saw the atrocities of the Hong Kong drug rioters who went out of control. The agents were forced to come out from behind the scenes and head to the frontline. Many agents were exposed.
Even the identity of the head of the CIA in Hong Kong has been exposed! This is an extreme scandal and extreme failure for the CIA!
In particular, the Hong Kong drug rioters violently attacked a mainland tourist at the airport and hit the tourist into coma. The CIA agent, who was in charge of the command, was watching closely the tourists that the rioters wanted to attack. He did not succeed in stopping the atrocities. In the end, he had to go out and personally protect the mainland tourists.
Of course, this is by no means the kindness of the CIA agents. In the CIA's plan, the first thing is if a 'colour' rioter dies, it will become Hong Kong's poison. Now it's a waste against their plan, and by no means the plan can be achieved if the victim is an innocent civilian.
If the victim is not a green rioter, it cannot be used as a Hong Kong poison, it just a waste. Otherwise, the US government can launch propaganda machines, lead international public opinion to discredit the Chinese government, put pressure on the Chinese government, impose sanctions, and then acquire weapons for trade wars against China in a short period of time. In the long run, it will win support to help promote the "color revolution" against China!
However, if the first death incident is the death of an non green victim; just civilians or journalists from Hong Kong, and if it can be seen as the work of CIA, it also can be construed that the CIA was the one behind-the-scenes of the murders. Then CIA's reputation will go completely bankrupt worldwide.
Therefore, CIA agents will be forced to jump out to "protect" the civilians who have been violently attacked by the Hong Kong drug rioters.
Therefore, the development of the situation in Hong Kong had gone out of hand contrary to what the CIA wanted. However, for the CIA, this is not the worst!
For the CIA, the most unsatisfying situation is coming.
Hong Kong poisoning in the inhumane violence against mainland tourists, beating lynching mainland reporters, and then inverting black and white on the international network for high-density publicity, these acts angered the mainland's audience.
So what made the US government withdrew? They didn't want to see the worse from happening was an international public opinion from changing that what the Chinese government did not do was done by the young rioters.
This is the "814 big action of the rice circle girl", "the emperor 817 big expedition" and "overseas students surrounded by the Hong Kong poison"!
These young Chinese people, even teenaged girls, who are mainly born after the years of 90s and 2000, are eager to stand out from the patriotic ideals and beliefs. The had gone out to the international public opinion field to speak for the country. Maintain a united national stand.
We know that these two sudden online battlefields and real live battlefields have won forvthe Chinese people an overwhelming victory. It is not only to make the overseas network full of five-star red flags, but also to let some anti-China media directly stop their comments. In international circumstances, the conspiracy and shamelessness of Hong Kong drug elements were exposed.
One thousand CIAs can't think of it. The Hong Kong chaos they planned has inspired the young people of China to have such a strong patriotic enthusiasm and patriotic conviction!
What is the core of the "color revolution" promoted by the CIA? The core is to win the hearts and minds of other countries through rumors and smearing, and thus break through from the inside to achieve the purpose of subverting the political power of other countries.
However, the chaos in Hong Kong not only failed to win the hearts and minds of the people they thought would support them, but also indirectly drew out a very vivid patriotic thinking to the Chinese, especially the young people in China So that Chinese people, especially young people, saw the true CIA sponsored "color revolution." "The scam behind the truth!"
It has inspired the Chinese people's strong patriotic enthusiasm and united the Chinese people unprecedentedly! The most important thing is that the most patriotic enthusiasm is actually the Chinese young people whom the CIA have been trying very hard to brainwash, to fool. But, they know who, what or how to fight for, as the future owners of China!
The "color revolution" of the US government against China has completely gone bankrupt in essence!
Their original plan had become a gift to China! Americans, now regret it!
Although China is currently suffering from the riots in Hong Kong, it has gained such a strong patriotic enthusiasm from the Chinese, especially the young people. It is definitely far more than a loss! CIA, there is an assistance of God in China!
Therefore, US President Trump is definitely very angry and very dissatisfied with the CIA's defeat. It is the reason why of course he ordered the CIA to stop activities in Hong Kong!
And these young people who bravely stood up to defend national honor and national security on the Internet are the most powerful guarantee for China's rapid development and the great rejuvenation of the Chinese nation in the future!
They are the growing young generation who are born to be strong, national, and confident Chinese!
When you have finished reading, there are two choices.
1. Spread out this news.
2, or think you have not seen it.
Please relay it, don't be indifferent!!
No matter how busy you are, please take 1 second to send it to your circle! Maybe your friends will need to read it. Thank you!
Source: Police insider forwarded
Read more:
Nothing can change the fact that Hong Kong is part of China
https://youtu.be/mrqOHpP5524
Is this what Hong Kong protesters call the 'ideal life'? 這就是妳們口中的“理想生活”嗎？
In China, high-level officials conduct extensive research
in various fields every year. These investigations and the experiences
they accumulate constitute the basis for major decisions, which will not
be arbitrarily changed due to temporary social trends. In particular,
after the reform and opening-up, China's development has not been
consumed and delayed by endless ideological debates.
If the US refuses to join the trend of globalization, so
be it. The rest of the world can just cooperate and move forward toward a
more unified world where countries care about sustainable development
and each other's common interests.
How China's Tech Sector is challenging the world by innovating faster, working harder, and going global
The
rise of China's tech companies and intense competition from the sector
is just beginning. This will present an ongoing management and strategy
challenge for companies for many years to come. Tech Titans of China is
the go-to-guide for companies (and those interested in competition from
China) seeking to understand China's grand tech ambitions, who the
players are and what their strategy is. Fannin, an expert on China, is
an internationally-recognized journalist, author and speaker. She hosts
12 live events annually for business leaders, venture capitalists,
start-up founders, and others impacted by or interested in cashing in on
the Chinese tech industry. In this illuminating book, she provides
readers with the ammunition they need to prepare and compete.
Featuring
detailed profiles of the Chinese tech companies making waves, the tech
sectors that matter most in China's grab for super power status, and
predictions for China's tech dominance in just 10 years.
Harking after a home: Officials have
acknowledged that the lack of affordable housing is one of the issues
that sparked the unrest in Hong Kong, which has been going on for
months. — AFP
Owning a house is the standard ambition of any individual, however, getting there is increasingly becoming not only a local, but global struggle.
THERE’S a lesson to be learnt from the protests in Hong Kong – politics is about selling hope. So if the young people living in a depressing environment feel they have no future, then the alarm bells should ring loudly.
In the case of Hong Kong, the leaders – mostly technocrats and government officials – didn’t see it coming, or maybe they were just indifferent.
Many young people in Hong Kong feel they stand no chance of becoming a homeowner in their lifetime, and officials have acknow-ledged that the issue is one of the causes that sparked off the unrest.
The controversial Extradition Bill, which allows a Hong Kong resident to be sent to mainland China to face trial, was merely a catalyst. Those protesters couldn’t all possibly believe they’d fall on the wrong side of the law and face the consequences, could they?
Last week, former Hong Kong chief executive Leong Chun-ying was in Kuala Lumpur for appointments with businessmen, opinion leaders and officials, to update them on developments on the island.
I was among the lucky Malaysians picked to hear his thoughts and views on Hong Kong, while he, too, listened to our concerns during the two-hour closed-door meeting.
My co-host and meeting organiser, Datuk Seri Azman Ujang, and I both feel that of all the problems faced by any country in nation- building, none deserves greater priority than housing the people.
What expectation could be more basic than having a roof over our heads, and with it being a decent and affordable one at that? And when we talk about affordable, it should be truly attainable by the low-income people who form the bulk of the population in most countries.
Azman, the Bernama chairman, rightly outlined the consequences of the failure that stems from a lack of will in resolving the housing problem of the masses. And as he said, this could easily lead to people pouring into the streets protesting issues not even directly related to housing.
It’s a fact that many poor Hong Kong people live in a room less than 75sq ft, and millions live in deplorable conditions.
More recently, “nano” flats – tiny apartments less than 200sq ft – have fast become the norm in overcrowded Hong Kong.
According to a South China Morning Post report, the cost began at HK$2.85mil (RM1.52mil) for an apartment no bigger than an average Hong Kong car park space, but the lack of interest forced a rethink by the developer.
But what’s mind-boggling is that while there are plenty of poor people in Hong Kong, or many who feel poor, Hong Kong’s fiscal reserves stood at HK$1.16tril (RM620bil) as at the end of January.
In a report, Financial Services and the Treasury Bureau said there was a surplus of HK$86.8bil (RM46.2bil), bringing the cumulative year-to-date surplus up to HK$59bil (RM31bil).
All this wealth belongs to Hong Kong and not mainland China, so a lot can be done with that money for a population of just seven million people, especially low-cost housing!
In comparison, Malaysia’s official reserve assets amounted to US$102.03bil (RM425bil) as at end November 2018, while other foreign currency assets stood at US$51.6mil (RM215mil) for the same period, Bank Negara said. Malaysia has a population of 32 million.
It can’t be denied that Singapore has done well in housing its population, with over 90% of the seven million population reportedly living in homes of their own, and the home-ownership ratio is said to be the world’s highest.
The Singapore Housing Development Board (HDB) deserves global recognition for its feat in solving the housing problem of the people, especially the poor.
The middle-class and poor must be able to have a roof over their heads. That’s an essential human need. No country can have peace and stability if the poor are not able to own a home in their lifetime.
A prosperous and satisfied middle-class will lead to political stability. A huge middle class will also mean greater purchasing power, and this will lead to a better economy with spillover effects for everyone.
When there are angry citizens protesting everything from the escalating food prices to housing, then even the elite (including politicians and businessmen) will not feel safe. In South Africa, the rich live in houses with high walls and electric fences to protect themselves, but that’s not the best way to live. It’s living dangerously.
Malaysian politicians who still wield the race and religion card will realise that at some point, these will be “dead issues”.
With well-documented shrinking numbers, the Chinese and Indian population will no longer be the proverbial bogeymen in the future. Instead, it is class stratification that will be a matter of concern.
Last year, it was reported that the gap in income between the rich, middle class and poor in Malaysia had widened since 2008, according to a study by Khazanah Research Institute (KRI).
In its “The State of Households 2018” report, the research outfit of sovereign wealth fund Khazanah Nasional Bhd noted that the gap in the real average income between the top 20% households (T20) and the middle 40% (M40) and bottom 40% (B40) households had almost doubled, compared to two decades ago.
The report, titled Different Realities, pointed out that while previous economic crises, in 1987 and the 1997/98 Asian Financial Crisis, saw a reduction in the income gap between the T20 and B40/M40, post-2008/09 Global Financial Crisis (GFC), those disparities had not reduced.
But the Gini coefficient, which measures income inequality in the country, had declined from 0.513 in 1970 to 0.399 in 2016, denoting improvement in income inequality in Malaysia over the past 46 years.
Explaining the phenomenon, Allen Ng, who is the lead author of the KRI report, said income of the T20 households had continued to grow, albeit at a slower pace than that of the M40 and B40 since 2010.
“However, because they (the T20) started at a higher base, the income gap between the T20 and M40/B40 had continued to grow despite the fact that the relative (income growth) is actually narrowing post-GFC, ” Ng explained at a press conference after the launch of the report yesterday.
In his bestselling book The Colour Of Inequality: Ethnicity, Class, Income And Wealth In Malaysia (2014), economist Dr Muhammed Abdul Khalid wrote that “the future does not look rosy for Malaysia; the current policies are encouraging wealth disparity between rich and poor, and between ethnicities.
“Unless bold and drastic actions are taken urgently, a harmonious future for Malaysia is uncertain. There must be an urgency to give every Malaysian economic security, a better and sustainable future.”
Muhammed, the managing director of the research and consulting firm DM Analytics Malaysia, said last year that contrary to popular belief, most Chinese (70%) are wage-earners, as are most Malays (72%). In fact, the poverty gap between races has dropped compared to 40 years ago, though the disparity remains.
And what about Malaysia? We have a disastrous, if not scandalous, record, particularly the pathetic business activities, dealings and performance of the 1Malaysia People’s Housing Programme’s (PR1MA) set up to build affordable homes.
More than RM8bil has gone up in smoke because PR1MA’s management failed to meet its targets, despite all the assistance and facilities accorded to their projects by the previous federal government and most state governments.
PR1MA reportedly built only 11,000 homes, compared with its target of half a million residential units to be delivered by the end of 2018. That’s less than 5% of the original plan.
PR1MA Malaysia was set up to plan, develop, construct and maintain high-quality housing with lifestyle concepts for middle-income households in key urban centres. Its homes are priced between RM100,000 and RM400,000.
PR1MA is open to all Malaysians with a monthly household income of RM2,500 to RM15,000.
A total of 1.42 million people registered for PR1MA, a promise of one million homes by 2020, but only 16,682 units, or 1.6%, of the target, were completed between 2013 and 2018, costing the government billions in public funds.
Poor management, exorbitant land acquisition costs and unsuitable sites have turned the people’s housing project into a major financial flop. PR1MA’s failure, which could cost the new government billions, is apparently already saddled with ballooning debts, rendering the loss-making company untenable.
It’s the responsibility of the government to build affordable homes – not the private developers. Private developers, especially those who helm public listed companies, have profits and dividends to answer for to shareholders. They are in the business of making money, and with the expensive land bank they have acquired, they need to build expensive homes, too.
Even if there are requirements with the obligated mixed homes for social housing needs, it still won’t resolve the problems.
Our politicians shouldn’t pass their responsibilities to them. They just need to have qualified and competent professionals with integrity to run a set-up like HDB. Obviously, the people who ran PR1MA didn’t do their jobs. We can help Malaysians own homes, or at least rent them at affordable rates, if we’re truly committed. The question is, are we?
As for Hong Kong, there is another lesson the young protesters need to learn: a full democracy doesn’t guarantee you a home and a decent job. Just ask the homeless in the United States and Britain.
-- China's central bank on the brink of launching a digital currency. How will this revolutionize the monetary landscape in China and abroad?
-- and, we meet a scholar whose calling revolves around friendly China-US ties. How can people on both sides maintain the relationship.
China's to launch its own digital currency
https://youtu.be/IWVBxOdfdOo
The Point: What does China think about Facebook's digital currency?
https://youtu.be/eAPLA4oy7Ks
Facebook announced plans to launch a cryptocurrency for its members, with the aim of enabling them to make virtually all their transactions online. What are the potential risks for governments, companies and individuals?
China to launch gov’t-backed digital currency
https://youtu.be/KEj6gNiIlOw
China Is Issuing It's Own Digital Currency
https://youtu.be/Jj_t9Mnnj8k
China's yuan will become a cryptocurrency, blockchain expert says
https://youtu.be/jAbVPCpdXRs
China Cryptocurrency is Ready!!! - Crypto Daily News
https://youtu.be/0i-1cU53Fkk
Christine Lagarde: 'Central Bank digital currency is coming alive'
https://youtu.be/-D9MRkw5wOc
Tech Daily: China government backed digital currency launch soon
https://youtu.be/HTqdVPchmhY
US, China to meet as Beijing considers digital currency
https://youtu.be/AOvdDBnb08M
CHINA’S CENTRAL BANK SAYS THEIR DIGITAL CURRENCY IS READY
https://youtu.be/zU9pni9bYmk
From 'Made in China' to 'Created in China'从中国制造到中国智造
https://youtu.be/mt77GAFWQV0
Made in China" used to be a synonym for cheap products, but all that has changed. China has made huge progress in innovation and technology. From the Sunway TaihuLight supercomputer, the fastest in the world, and the 500-meter-wide radio telescope in southwest China's Guizhou Province, to the development of lithium battery and 3D-printed blood vessels made from stem cells and renewable energy technologies, Chinese innovations are making a name for themselves.
CGTN explains China's huge transformation from the world's factory to an innovation leader.
CGTN's special program "New China" gives you an in-depth look at China 70 years on. Our crew is on a 12-day journey around China's southwestern, southeastern and northeastern regions. Don't miss it. #PanoramicChina #70YearsThriving
China's central bank speeds up digital currency drive
Private-sector players likely to participate in project
Photo: VCG
With internet technologies advancing and cryptocurrencies flourishing amid a broad digital transformation, individual countries are starting to issue legal tender in digital form, and the People's Bank of China (PBC), the country's central bank, is also accelerating its pace in this area.
As of Sunday, the PBC had applied for 74 patents involved with digital currencies to the National Intellectual Property Administration, according to a report by the Economic Information Daily on Monday.
The PBC said it will speed up the development of legal digital currency on Friday.
Wang Xin, director of the PBC Research Bureau, said in July that the authority is organizing market-oriented institutions to jointly research and develop a central bank digital currency and the program has been approved by the State Council, China's Cabinet.
"China is beefing up efforts in digital currency innovation, a trend driven by emerging technologies that is spreading worldwide," said Huang Zhen, a professor at the Central University of Finance and Economics.
Rather than letting cryptocurrencies challenge the position of sovereign currencies, it is wiser for countries to roll out their own digital currencies, Huang told the Global Times on Monday.
Chinese authorities ordered a ban on initial coin offerings in 2017 and stopped direct bitcoin-yuan trading as the rapidly expanding market spawned concerns over financial risks.
The PBC, one of the earliest central banks in the world to start the process of digital currency innovation, launched its program in 2014 during the tenure of former governor Zhou Xiaochuan. In 2017, the PBC established a research institution for the digital currency.
"China is among the leading countries in terms of its research into a government-backed currency," said Huang.
Favorable conditions
The basic conditions favorable for China's implementation of a digital currency include comprehensive and fast networks, broad digitalization in the financial sector, and advanced financial technologies - particularly blockchain, a digital, public ledger that records online transactions, according to Huang.
In recent years, Chinese internet companies have made huge achievements in the mobile payment and e-commerce sectors, helping create a digital economy of more than 30 trillion yuan ($4.36 trillion), according to media reports.
In June, US social media giant Facebook released an official white paper for its cryptocurrency project Libra, a blockchain-powered stablecoin expected to arrive in 2020.
The move stepped up the global race for digital currencies, with China's central bank paying close attention.
The central bank is closely working with market participants on creating a central bank digital currency, PBC official Wang said.
"China's private market players have accumulated some experience in the digital currency sector. Their participation in the government's work will effectively help promote the project," Cao Yin, an expert in the blockchain sector, told the Global Times on Monday.
It is likely that the sovereign digital currency will be issued within two or three years at the soonest, although the authority tends to take a prudent attitude, Cao said.
Once it is broadly implemented, the new currency will have a big impact on Alibaba's Alipay and Tencent's WeChat Pay, the two dominant mobile digital payment tools in China, as the PBC's digital currency is featured by decentralization, unlike the former two.
Challenges ahead
There are still some bumps on the road to promoting the digital currency.
"For this new kind of currency, its nature actually poses challenges to existing policies in such aspects as foreign exchange control, so it takes time to balance benefits with potential risks," said Cao.
A flexible and open mechanism is needed by the PBC to attract more talent, he added.
Digital currencies can help strengthen regulation as transaction data can be tracked and analyzed, including illegal money laundering, according to Huang. But laws and rules should be formulated in a timely fashion to protect individual information. "Safety is the biggest issue," he added.
"Use of the digital currency to better serve the real economy also requires policy guidance," said Huang.
Newspaper headline: PBC accelerates digital currency drive.
in China to launch a national digitalcurrency, following the central government's plan to work...
Source: Global Times | Author: Li Xuanmin and Shen Weiduo in Shenzhen | Column: Economy
: 3pxFile photo: ICpResearch into a national digitalcurrency, as mentioned in a central government...
Source: Global Times | Author: Zhang Hongpei | Column: Economy
US meddling in Hong Kong to backfire
