Enhancing the Tourism Industry in the Post-Pandemic Era: - Through Leveraging the Effect of China’s Digital Fiat Currency | Chapter 7 | Theoretical Key Issues and Practical Development Trends of China’s Digital Economy

After the COVID-19 epidemic, the global tourism industry has suffered a huge blow and has entered a long road to recovery. This study sought to investigate the impact of digital yuan (e-CNY) in driving consumption. By constructing a regression model using data related to consumer power, this paper examines the effect of digital RMB in promoting consumption. The findings indicate that the development of digital RMB has a positive influence on boosting consumption, effectively enhancing the purchasing power of Chinese residents, and facilitating high-quality economic growth in China. This study seeks to analyze the factors influencing consumption promotion through the use of digital RMB in the market application and propose targeted improvement measures based on the significance of these factors. This will help promote more effective utilization of digital RMB, cater to a broader user base, and steadily advance its development process. Starting from the concept of system design, the article designs the characteristics, methods, circulation methods and leverage of Singapore's digital legal currency in detail, quantifies the economic index of Singapore's tourism industry, and obtains reliable policy suggestions. Finally, the article conducts empirical data analysis from the perspective of China's digital renminbi, proves the promotion effect of digital legal currency with facts, and gives corresponding suggestions to government departments.

 

Author (s) Details

Wenbo Lyu
Saxo Fintech Business School, University of Sanya, Sanya, 572000, China.

 

Qianwan Xu
Saxo Fintech Business School, University of Sanya, Sanya, 572000, China.

 

Please see the book here:- https://doi.org/10.9734/bpi/mono/978-93-48388-89-6/CH7

Digital Economy, Digital Currency and Leverage Effect in the Post-epidemic Era | Chapter 1 | Theoretical Key Issues and Practical Development Trends of China’s Digital Economy

 This paper highlights the inescapable trend of digital currency growth by examining past currency patterns and explores the ties between digital currency and the digital economy. This report predicts the future improvement trend of digital money using China as a case study. China created the digital currency in the middle of the rapid expansion of private cryptocurrencies with the intention of supporting the digital economy and pledging to bring the digital renminbi and the digital economy worldwide. In 2022, China entered a cycle of loose fiscal and monetary policy, while Europe and the US were still enduring stagnation. China views digital fiat money and digital economic development as a breakthrough to drive the transformation of the current economic system, new inventive growth, and the safety of the whole supply chain in the context of the scissors gap. It has become one of the forefront countries in the digital field, with numerous experiences that can be learned by countries around the world. A mature financial service system and financial market allows the free exchange and circulation of currency, and even a mature and stable currency derivative trading market enhances the resilience of the currency ecosystem. This paper also creates the concept and calculation formula of the e-CNY Index, sets the year 2022 as the first year of the e-CNY with the initial value of the index at 100; it also gives suggestions for creating and calculating the China-style Digital Economy Index. The importance of these indices as new tools for tracking and evaluating the digital macroeconomy in China is presented, providing a promising direction for future in-depth research on digital fiat currency. Finally, the article conducts empirical data analysis from the perspective of China's digital renminbi, proves the promotion effect of digital legal currency with facts, and gives corresponding suggestions to government departments.

 

Author (s) Details

 

Wenbo Lyu
Saxo Fintech Business School, University of Sanya, Sanya, 572000, China.

Yueting Liu
Nanyang Technology Entrepreneurship Center, Nanyang Technological University, Singapore, 639798, Singapore.

 

Please see the book here:- https://doi.org/10.9734/bpi/mono/978-93-48388-89-6/CH1