Research on the Development Opportunities and Paths of Digital RMB Internationalization Under the Background of Great Power Competition
1. Graduate School of Global Business, Kyonggi University, Suwon 16227, South Korea
2. Graduate School of Sogang University, Sogang University, Seoul 04107, South Korea
3. Sinosteel Xingtai Machinery & Mill Roll CO., LTD., Xingtai 054000, China
| Abstract: | At present, the global political economy is experiencing a crisis of great power competition. At the same time, the new industrial technology revolution accompanied by the process of digital economic globalization is quietly changing the way of human production, life and consumption. In this comprehensive context, digital currency, as the carrier of future monetary value, has ushered in a fast track of development. The digital RMB "e-CNY" of the People's Bank of China has stood on the stage of monetary history in the form of legal tender through national credit endorsement. As a digital financial currency with national credit endorsement, how can digital RMB further expand its influence and international currency stickiness? What are the competitive advantages, development opportunities and development paths of digital RMB internationalization? How does the internationalization of digital RMB affect the diversified innovation and development of the global financial system? This paper attempts to analyze and study many factors of the development of digital RMB internationalization under the background of great power competition, introduces the concepts of digital currency ecological index Ke, digital currency market density index Kd, digital currency market willingness index Kq and digital currency market competitiveness index Kc, and puts forward the calculation formula design of digital currency ecological index Ke. Secondly, according to the topic hypothesis, the core competitiveness model of digital RMB internationalization leading strategy is creatively proposed, and the development path model of digital RMB internationalization is summarized and summarized on the basis of the above discussion. Finally, this paper gives some reference opinions on the development path of digital RMB internationalization. This paper provides a research approach on the development path of digital RMB internationalization based on the dual role of great power competition and digital economy development, and provides some reference for the policy of digital RMB internationalization. |
| Keywords: | e-CNY; Great Power Competition; Internationalization; Leading Strategic Advantage; Digital Currency Eco-index; Metaverse + |
| DOI: | 10.57237/j.wjeb.2023.02.001 |
View:
Downloads:
Received: 3 November 2023
Accepted: 6 December 2023
Published Online: 9 December 2023
References
| [1] | Chen Qilei, Feng Yingjiao (2022). Non-linear effect of exchange rate fluctuation on economic growth: based on the perspective of financial development. Hainan Finance, (09), 14-28+64. |
| [2] | Sun Zhao (2022). The conditions of the RMB has become a safe-haven currency. China economic times, 07.27, 10.28427/n.c.Nki NJJSB. 2022.001671. |
| [3] | Michael Colaresi and William R (2002). Thompson, Strategic Rivalries, Protracted Conflict, and Crisis Escalation, Journal of Peace Research, Vol. 39, No. 3, p. 264. |
| [4] | Karen De Young (2021). Biden’s NSC to Focus on Global Health, Climate, Cyber and Human Rights, as Well as China and Russia. The Washington Post, January 8. https://www.washingtonpost.com/national-security/biden-nsc-covid-climate-cyber-china/2021/01/08/85a31cba-5158-11eb-83e3-322644d82356_story.html. |
| [5] | Based on World Bank data. "GDP (currentUS$) China, United States, World, Germany, Japan," World Bank, https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=CN-US-1W-DE-JP. |
| [6] | Xiao He, Pan Rong (2021). The Selection mechanism of Great Power Economic Competition Strategy. Quarterly Journal of International Politics, 6(04), 1-40. |
| [7] | Dae-Won OH, Eun-Hye Lee, Manjiang Xing (2021). Opportunities and Challenges Facing the International Development of China s Digital Currency in the Post-epidemic Era. Journal of the Institute of Trade and Commerce, 10, Number 05, volume 21, 123-142. |
| [8] | Digital RMB R&D Working Group of the People's Bank of China (2021). White Paper on the Research and Development Progress of Digital RMB in China. |
| [9] | Wang Jiajia, Shen Kunrong (2021). Practical Challenges and Optimization Paths of Promoting the Development of e-CNY. Economic Review Journal, (11), 121-128. |
| [10] | Li Lihui (2021). Seize the Good Opportunity of digital Currency Innovation and Development. United Times: Review. Edition 006, November 23. |
| [11] | Yue Bingyu, Liao Meng (2022). The third batch of pilot areas of digital RMB are ready to come out. Beijing Business Daily. 2022-03-03 (003). |
| [12] | Li Shuaishuai, Ren Tong (2021). Research on the Legal Issues of Our Country's Legal Digital Currency. Shanxi Science and Technology News, Edition A05, November 22. |
| [13] | Pan Helin (2021). Digital RMB is an important part of the Development of RMB. National Business Daily: Every Hot Review, Edition 008, November 12. |
| [14] | Shen Guobing (2021). Interdependence and Diversification of Sino-US Trade Relations. China Economic Review, (8), 59-61. |
| [15] | Li Guohui, Yi Gang (2021). The design and use of the digital RMB are mainly to meet the needs of domestic retail payment. Financial Times, Edition 001, Nov 10. |
| [16] | Xu Yupeng (2021). Is the Metaverse Bank Coming?. Bank of China Banking and Insurance News: News. Edition 003, November 19. |
| [17] | Lu Feng (2021). The application of Metaverse technology must be viewed rationally. Hebei Daily: Digital Economy Special Issue. December 10, Edition 005. |
| [18] | Yang Yao-yuan, Li Yi-nuo (2021). Reconstruction of global economic and trade governance system under Sino-US trade friction. Prices Monthly, (11), 45-50. |
| [19] | Ahmet Faruk Aysan, Farrukh Nawaz Kayani (2021). China s transition to a digital currency does it threaten dollarization?. Asia and the Global Economy, 100023, 2667-1115, https://doi.org/10.1016/j.aglobe.2021.100023. |
| [20] | Yi Gang (2021). Enhancing the Universality and Availability of Digital RMB. United Times: Review. Edition 006, Nov. 30. |
Join the Editorial Board
We invite active, qualified and high profile scientists and researchers to join as Editorial Board Members.
Join UsBecome a Reviewer
Scholars with a strong interest in reviewing are invited to join the reviewer panel to ensure the quality of the research to be published.
Join Us