Interview : Changchun / Editor : Li Ming / New Tang Dynasty Television
Ref : https://www.ntdtv.com/gb/2020/08/20/a102922761.html / Direct translation
The CCP recently announced the digital renminbi pilot area, vigorously promote digital currency, aroused public attention. The commentary believes that this is a new measure adopted by the CCP to strictly control the people by controlling money and preparing to return to the planned economy.
On August 14th, the Ministry of Commerce of the Communist Party of China issued the "Notice on Printing and Distributing the Overall Plan for Comprehensively Deepening the Pilot Program for the Innovation and Development of Trade in Services", announcing the pilot areas for the comprehensive deepening of digital RMB, including the Beijing-Tianjin-Hebei (Beijing, Tianjin, Hebei), the Yangtze River Delta, Guangdong, Hong Kong and Macao Conditions in the Greater Bay Area and the Midwest.
The "Notice" mentioned that the pilot digital renminbi will start from Shenzhen, Chengdu, Suzhou, Xiong'an New District and other places and the relevant departments of the Winter Olympics venues to assist in the promotion; and then expand to other regions and roll out across the country.
At the same time, the official media also high-profilely promoted the four major state-owned banks, including Bank of China, Industrial and Commercial Bank, Agricultural Bank, and Construction Bank, to test the operation of digital currencies in major cities such as Shenzhen.
Xie Tian, a professor at the Aiken School of Business at the University of South Carolina in the United States, believes that one of the reasons for the CCP’s implementation of the digital renminbi is related to its rapid economic deterioration. Because it prints a large number of banknotes, all these banknotes will be put into the market, which will cause huge inflation, which will cause economic crisis and social unrest. At the same time, many banknotes are owned by a large number of corrupt officials in the CCP, and digital currency can be used to punish corrupt officials.
Xie Tian, a professor at the Aiken School of Business at the University of South Carolina in the United States: "The CCP actually knows about this crisis. But now there is a best way to turn it into a digital currency. It will force all Chinese people to give up paper money. But in the process of giving up paper money, if some corrupt officials can’t convert it into digital currency, his paper money is basically in vain.”
Another reason for the CCP to launch digital currency is to monitor the people more comprehensively. Xie Tian said that the CCP has used mobile phone positioning, cameras, WeChat, Douyin and other methods to control people's food, clothing, housing, transportation and consumption. Today, people’s salaries will be directly transferred to the parties’ mobile phones in the form of real-name digital currency.
Xie Tian: "Use your real name. The salary paid to you, even the number coded in RMB, is personally linked to you. When you use it, you can clearly see where your money is spent. So it is actually more conducive to further comprehensive monitoring of the Chinese people."
Regarding the CCP's desire to use digital currency to cope with the future crisis of being prohibited from using U.S. dollars for settlement, Xie Tian believes that the world will not accept digital renminbi. This is the CCP's self-entertainment.
Xie Tian: “It’s actually the RMB. It’s just changed to a digital and encrypted renminbi currency on the Internet. It’s still controlled by a centralized authority. Who dares to receive your things. So, I think it’s possible for the RMB to go international It doesn’t help to break the dollar blockade. Just stay at home and play the game.”
Liao Cheng, a mainland folk economist, said that a few countries will cooperate with the CCP because they are deceived by the CCP, but using digital renminbi will result in great losses.
Liao Cheng, a mainland folk economist: "Countries and backward countries that don't know the truth may cater to it. But in the long run, this system will collapse sooner or later. Because its own system is deceiving and contrary to the trend of social development. Then once it collapses , The countries it cooperates with will suffer very great losses."
As for whether the CCP’s implementation of the digital renminbi is in preparation for a return to the planned economy, Xie Tian said that despite the floods and locust plagues in mainland China, although it claims to have a good summer grain harvest and that the country is not short of food, the CCP’s grain purchases are compared with the same period last year. Ten million tons less. Therefore, a food crisis may arise.
Xie Tian: "At this time, the CCP will definitely go on the old road of unified purchase and unified marketing. This time we see that the CCP has moved out the original supply and marketing cooperatives and the old planned economic system. So it is now practical. The above is to prepare to return to the planned economy. It is controlling the grain logistics and the flow of money, so that it can control the entire China and the Chinese people."
Some economists commented on the Internet that digital currency is not a good way for the CCP to reverse the international situation, nor is it a panacea to save the CCP regime. Whether it is printing unlimited amounts of money, restricting people's personal freedom, or implementing a planned economy, China's digital currency is designed to drive the Chinese from the yard where they can move around freely and return to a cage with a narrower space. This is a path that allows people’s lives and wealth to lead to slavery.
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