Shenzhen, Guangzhou, and Xiong’an New Area have declared to distribute Shenzhen Guangzhou. Xiong’an New Area has announced that they will distribute free digital yuan “red packets” to encourage local spending in China’s economic recession that mass Covid lockdowns have exacerbated. Last Wednesday, Guangzhou’s Nansha District stated that it would distribute 10 million digital yuan red packets to strengthen the catering and retail industries, but no date has been set. According to local media, Xiong’an New Area, a special economic zone southwest of Beijing, began distributing red packets on Monday as part of a 50 million yuan strategy to increase consumption. Last Thursday, Chinese Premier Li Keqiang urged provincial, municipal, and rural authorities to speed up infrastructure projects, boost jobs, and restore growth in a nationwide video conference. Last month, officials in Hangzhou, China, were preparing for the Asian Games in September 2022 to showcase the city and, by implication, the use of the country’s digital currency. Not any longer.The post China Will Distribute Free Digital Yuan to Boost its Stifled Economy appeared first on Cryptoknowmics-Crypto News and Media Platform.
