Chinese overseas enterprises should jointly strive for the support of the National Digital Currency Industry Guidance Fund

Key points: The promotion and application of China's national digital currency requires the joint efforts of Chinese overseas companies to truly make it available to the world. At the same time, it also solves the dilemma of low income and difficult financing for Chinese overseas companies. It is the will of the country, the development of the company, and the needs of users. It is a great thing for a win-win situation with personal interests.

On August 18, 2019, the full text of the "Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting Shenzhen in Building a Pioneering Demonstration Zone of Socialism with Chinese Characteristics" was released. Article 5 "Accelerating the Construction of a Modern Industrial System" clearly stated that it supports the development of digital currency research in Shenzhen Innovative applications such as mobile payment. To promote the internationalization of the RMB first, explore and innovate cross-border financial regulation.

Recalling that almost two years ago, in the autumn of 2017, when Uncle Mao reported to the financial work supervisor of the Shenzhen Municipal Government, the core content of the written policy proposal submitted was this.

The original text of the policy proposal document from two years ago has been dug out again. Some of the key contents are as follows:

The construction work of the "Belt and Road" Mobile Finance International Center includes the "Belt and Road" Mobile Finance International Forum, the "Belt and Road" Mobile Finance International Standardization Organization, the Mobile Finance International Clearing Center, the Mobile Finance International Mass Innovation Base, and the Mobile Finance Industry Guidance Fund ( From angel funds to M&A funds), Shenzhen Stock Exchange's "Belt and Road" board and other six major aspects.

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The construction work of the "Belt and Road" Mobile Finance International Center includes the "Belt and Road" Mobile Finance International Forum, the "Belt and Road" Mobile Finance International Standardization Organization, the Mobile Finance International Clearing Center, the Mobile Finance International Mass Innovation Base, and the Mobile Finance Industry Guidance Fund ( From angel funds to M&A funds), Shenzhen Stock Exchange's "Belt and Road" board and other six major aspects.

Today, Uncle Mao’s original policy proposals have gradually become a reality. For example, the Shenzhen Financial Technology Research Institute (the People’s Bank of China Financial Technology Research Institute) located in Shenzhen is the Digital Currency Research Institute of the People’s Bank of China and Shenzhen’s local financial supervision institute. Bureau, Futian District People's Government jointly organized institutions.

Its responsibilities are: to carry out research in the frontier field of financial technology and related project construction, and promote the development of financial technology. Build a world-class financial technology and digital currency high-end R & D evaluation center and scientific and technological exchange and cooperation center, carry out the construction of national financial technology laboratories, participate in the formulation of financial technology-related standards, conduct domestic and foreign exchanges, cooperation and coordination, and undertake financial technology and digital currency. Relevant certification and testing work, holding financial technology seminars and summits, undertaking financial technology and digital currency related projects of the People's Bank of China and Shenzhen Municipal Government.

This is a research institution, and next, it should be the debut of the National Digital Currency Industry Guidance Fund.

Why is the National Digital Currency Industry Guidance Fund needed?

Because only relying on China State Construction Engineering Corporation Limited, Alibaba, Tencent, and UnionPay, it is impossible to complete the strategic task of RMB internationalization issued by the Party Central Committee and the State Council. Except for Ali's relatively successful internationalization, the number of other overseas users cannot be obtained.

In order to win overseas users of RMB internationalization, looking for American companies such as Facebook, Google, and Apple is undoubtedly seeking skins from tigers, let alone talk about it.

Then we can only rely on our own people.If Uncle Mao is to choose, the core criterion should be the number of active users currently owned by Chinese overseas companies.

The first category is Huawei, Xiaomi, OPPO, VIVO, Transsion, Guangsheng and other mobile phone software and hardware manufacturers that directly control the underlying permissions of overseas smartphones.

The second category is Douyin tiktok, Kuaishou, Daewoo Unlimited, Cheetah Mobile, Zhixingtong and other mobile app and game developers that already have a certain number of users and revenue.

Chinese overseas mobile phone manufacturers and overseas APP manufacturers are purely market-oriented enterprises. The current capital market environment is very unfriendly to Chinese overseas enterprises, especially overseas enterprises whose users are mainly in Asia, Africa and Latin America.

However, the overseas companies of users in North America are easily found by the U.S. government. There are political obstacles to the internationalization of the RMB, so let’s put it aside for now.

The valuation of market-oriented funds for Asian and African overseas companies is less than one-tenth of similar companies with domestic users under the same number of active users.

This is very similar to the predicament faced by China's LCD panel industry and China's chip industry.

BOE, the leader of China's LCD panel industry, has obtained tens of billions of funds from the central government successively, and now it is finally at the forefront of the world.

China's chip industry also has a blood transfusion support of 138.7 billion yuan in the first phase of the "National Integrated Circuit Industry Investment Fund".

These are all concentrated manifestations and successful cases of national will and the superiority of socialism.

Today's Sino-US trade war is just an outpost of the new Sino-US cold war, followed by technology wars and currency wars. In the face of the currency war initiated by the US hegemony, the entire Chinese business community must unite and follow the Party Central Committee The strategic goal of the State Council's RMB internationalization is moving forward. This is our greatest common interest and common aspiration!