The View from China

As relayed to Currency News in this month’s On the Record, the Chairman of China Banknote Printing and Minting Corporation (CBPM), Mr Yang Lijie, is optimistic about the future of cash, proud of the achievements of his organisation in terms of quality, sustainability and CSR, and willing to make more friends and more partners with the industry around the world.

Whilst Sweden is most often cited as the ‘poster-child’ for the coming cashless society, in reality it is China that trend towards a world in digital payments. WeChat Pay and AliPay are making these payments a completely normal part of everyday life in China and beyond, while China’s Digital Currency Electronic Payment scheme currently being piloted is one of the world's first.

So it is good to hear that, whilst digitisation in the payments arena is inevitable, cash still has a viable and promising future in China. The fact that nearly $110 billion worth of currency was put into circulation in 2020 underscores that belief, and his view that cash still has a vital role in China in years to come.

Mr Yang Lijie outlines a wide range of topics, from how CPBM has weathered the pandemic to its priorities for the next five years. One of these priorities is sustainability – rapidly becoming one of the key issues in our industry, so it is positive to hear the proactive measures CBPM is taking in this area.

And, of course, the company hopes to reach out and work with industry players around the world. China has developed an impressive array of technology and expertise and this – coupled with extensive capacity – means we can expect to see CBPM playing a larger role on the international stage.