China’s Belt & Road Initiative partners will get a cushy trade hub with lots of chances to use its CBDC under a Party development plan.
A modernization plan for the Pudong New Area of Shanghai includes numerous pilot projects for the digital yuan — China’s pilot central bank digital currency (CBDC) — along with extensive new international trade facilities. A document published by the state-run Xinhua News Agency outlines the ambitious five-year plan issued by the Chinese Communist Party Central Committee and General Office of the State Council.
Under the plan, the Pudong New Area will be granted new authorities to develop into an international hub. It will have a commercial mediation system in line with international standards and “convenient” customs procedures. Improved supply chain management will facilitate the freer flow of commodities through newly built port facilities and nearby free trade zones and Shanghai Pudong International Airport.
New educational institutions will have special intellectual property rights for research and development. The plan says world-class medical and educational facilities will attract foreign talent from countries partnering on China’s Belt & Road Initiative under a special visa regime.
