Research on the Influence of Digital Renminbi on Consumption Promotion

Abstract

This paper uses empirical analysis to study the impact of digital yuan on consumption promotion in China from 2019 to 2023. Based on the data, this paper establishes an empirical model to analyze the impact of the implementation of digital RMB on China's economy and consumption. In addition, this paper also explores how the digital RMB can better fit into the social economic market and practical supervision in today's economic environment. The results show that the trial implementation of digital RMB has a significant positive impact on China's consumption and economic development, that is, under appropriate policies and supervision, the implementation of digital RMB project is beneficial to economic development and consumption promotion. This conclusion shows that the development and implementation of the digital RMB project in China is effective, and the actual demonstration of its internal economic principles and effects is quite discussible.