Digital technology as a factor of strengthening the national competitiveness of the People's Republic of China in international finance

Cover Page

Cite item

Full Text

Open Access Open Access
Restricted Access Access granted
Restricted Access Subscription or Fee Access

Abstract

The article discusses the potential benefits and implications of the introduction of digital technology and, in particular, the digital yuan (e-CNY) for ensuring the effectiveness of the monetary and financial system of the PRC in terms of China\s activities on the world stage. Being one of the advanced countries in terms of financial technology, China was among the first to take practical steps to introduce the digital yuan, including in international settlements. The possible effects of the introduction of the digital yuan on the global financial system are also analyzed. China's growing importance in the global economy and its ability to compete globally, including in areas such as technology and innovation, are underlined. At the same time, the relatively insufficient integration of the national financial system into the global one is among the challenges. It is substantiated that the introduction of e-CNY and its further application in international financial transactions can help strengthen China's core competitiveness. The results of this study may be of interest to specialists and researchers in international finance and the digital economy, government organizations such as the Ministry of Industry and Trade of the Russian Federation and the Ministry of Economic Development of the Russian Federation, as well as leading companies working with China and international markets in general.

About the authors

Andrey Andreevich Kapustin

Moscow State Institute of International Relations (University) Russian Foreign Ministry

Email: andrey.a.kapustin@gmail.com

Nikolay Andreevich Kapustin

Moscow State Institute of International Relations (University) Russian Foreign Ministry

Email: nikolay4kapustin@yandex.ru

References

  1. Cooke P., Morgan K.. The Associational Economy: Firms, Regions and Innovation. - Oxford: Oxford University Press, 1988. – 247 p.
  2. Портер М. Международная конкуренция: Конкурентные преимущества стран. - М.: Альпина Паблишер, 2016. – 947 c.
  3. Feurer R., Chaharbaghi K. Defining competitiveness: a holistic approach // Management Decision. – 1994. – № 2. – p. 49-58.
  4. Aiginger K., Vogel J. Aiginger K., Vogel J. Competitiveness: from a misleading concept to a strategy supporting Beyond GDP goals // Competitiveness Review. – 2015.
  5. Багаутдинова Н.Г., Никулин Р.А. Основы конкурентоспособности предприятия в условиях асимметричности информации в информационной экономике // Казанский экономический вестник. – 2017. – № 1(27). – c. 30–35.
  6. 中国数字经济发展研究报告 Отчет об исследовании развития цифровой экономики Китая）. 中国工信产业网 (Китайская академия информационных и коммуникационных технологий), 2023. [Электронный ресурс]. URL: http://www.caict.ac.cn/kxyj/qwfb/bps/202304/t20230427_419051.htm (дата обращения: 19.02.2023).
  7. International Institute for Management Development – Lausanne: IMD, 2023. IMD World Competitiveness Online. [Электронный ресурс]. URL: https://worldcompetitiveness.imd.org/countryprofile/CN/wcy (дата обращения: 16.06.2023).
  8. Masson P., Dobson W., Lafrance R. China’s Integration into the Global Financial System. Bank of Canada Review. 2008. [Электронный ресурс]. URL: http://www-2.rotman.utoronto.ca/dobson/files/File/masson.pdf (дата обращения: 16.06.2023).
  9. Chimits François. The e-CNY will not help the yuan displace the dollar any time soon. Merics. - 2023. [Электронный ресурс]. URL: https://merics.org/en/comment/e-cny-will-not-help-yuan-displace-dollar-any-time-soon (дата обращения: 16.06.2023).
  10. Народный банк Китая (2021). [Электронный ресурс]. URL: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4293590/2021071614200022055.pdf (дата обращения: 16.06.2023).
  11. Retail CBDCs: The Next Payments Frontier. (2019) IBM Blockchain World Wire, Official Monetary and Financial Institutions Forum (OMFIF). P. 2
  12. Цифровая валюта центрального банка (ЦВЦБ): Россия в контексте мировой практики, Аналитический доклад, 2021. [Электронный ресурс]. URL: https://asros.ru/upload/iblock/441/d812hhk1b1u7grvjnttvghnba23a37by/2022_01_31-_-doklad-TSVTSB-_-iyun-2021-goda.pdf?ysclid=l59arcmn2m845005721 (дата обращения: 04.06.2023).
  13. The People's Republic of China's Digital Yuan: Its Environment, Design, and Implications, Аналитический доклад,, 2022. [Электронный ресурс]. URL: https://www.adb.org/sites/default/files/publication/772316/adb-wp1306.pdf (дата обращения: 04.06.2023).
  14. Bansal R., China’s Digital Yuan An Alternative to the Dollar-Dominated Financial System. [Электронный ресурс]. URL: https://carnegieendowment.org/files/202108-Bansal_Singh_-_Chinas_Digital_Yuan.pdf (дата обращения: 05.06.2023).
  15. China's trade with BRI countries booms in 2019. Интернет-портал Государственного совета Китайской Народной Республики. [Электронный ресурс]. URL: http://english.www.gov.cn/archive/statistics/202001/14/content_ WS5e1dc186c6d0891feec023ca.html (дата обращения: 06.06.2023).
  16. Jonathan Movroydis “What the Rise of China’s Digital Currency Could Mean for the [United States],” Stanford Graduate School of Business, Stanford Univ., 23 March 2022. [Электронный ресурс]. URL: www.gsb.stanford.edu/insights/what-rise-chinas-digital-currency-could-mean-us, accessed 15 July 2022 (дата обращения: 06.06.2023).
  17. Conghui Chen, Lanlan Liu How effective is China’s cryptocurrency trading ban?. [Электронный ресурс]. URL: https://www.sciencedirect.com/science/article/abs/pii/S1544612321004189#:~:text=Since%20mid%2D2013%2C%20the%2 (дата обращения: 07.06.2023).
  18. Banyan B. Only Connect. The Economist. 2013. [Электронный ресурс]. URL: https://www.economist.com/analects/2013/10/04/only-connect (дата обращения: 16.06.2023).
  19. Greene R., Triolo P. Will China Control the Global Internet Via its Digital Silk Road?. Carnegieendowment.org. [Электронный ресурс]. URL: https://carnegieendowment.org/2020/05/08/will-china-control-global-internet-via-its-digital-silk-road-pub-81857 (дата обращения: 03.05.2023).
  20. Feng Coco. "China digital currency: Jiangsu city leverages logistics hub status to promote e-CNY in Belt and Road trade.". South China Morning Post, 24 Apr, 2023. [Электронный ресурс]. URL: https://www.scmp.com/tech/article/3218180/china-digital-currency-jiangsu-city-leverages-logistics-hub-status-promote-e-cny-belt-and-road-trade (дата обращения: 16.06.2023).
  21. Валькова А.В. Азиатский банк инфраструктурных инвестиций: новые финансовые инициативы в АТР // Финансовый журнал. – 2016. – № 1 (29).
  22. Cross-border Interbank Payment System (CIPS). Профиль компании. [Электронный ресурс]. URL: https://www.cips.com.cn/en/about_us/company_profile/index.html (дата обращения: 16.06.2023).
  23. Eliza Gkritsi “China, Hong Kong Enter Second Phase of Cross-Border Digital Yuan Trials: Report,” CoinDesk, Digital Currency Group, 9 Dec. 2021. [Электронный ресурс]. URL: www.coindesk.com/ policy/2021/12/09/china-hong-kong-enter-second-phase-of-cross-border-digital-yuan- trials-report (дата обращения: 07.06.2023).
  24. “Multiple CBDC (mCBDC) Bridge,” BIS Innovation Hub, Bank for International Settlements, 8 April 2021. [Электронный ресурс]. URL: www.bis.org/about/bisih/topics/cbdc/mcbdc_bridge.htm (дата обращения: 08.06.2023).
  25. Is SWIFT’s Joint Venture With the People’s Bank of China Related to the Digital Yuan?. [Электронный ресурс]. URL: https://digichina.stanford.edu/work/is-swifts-joint-venture-with-the-peoples-bank-of-china-related-to-the-digital-yuan/ (дата обращения: 08.06.2023).

Supplementary files

Supplementary Files
Action
1. JATS XML
Download

Copyright (c) 2023 Kapustin A.A., Kapustin N.A.

This website uses cookies

You consent to our cookies if you continue to use our website.

About Cookies