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China's nonmanufacturing PMI stayed unchanged from the previous month and stood at 54.3 in May, registering the fifth month in a row with a reading of above 54.
China's monetary authority identifies the nature of digital currency as "a substitute for cash", rather than a speculative instrument, according to the central bank.
China's monetary stimulus has been restrained compared to other major economies. In 2020, Chinese M2, a broad measure of the money supply, has risen at a growth rate of between 10.5 and 11.5 percent, compared to 8.0-8.5 percent in 2019.This additional money flowing into the economy is only enough to result in a mild increase in inflation in the worst case scenario.
China's economy is likely to continue leading the global recovery and achieve a GDP growth close to the pre-COVID-19 level in the year's fourth quarter, after expanding by 4.9 percent in the third, experts said on Monday.
China's mobile payment platforms, including Alibaba's Alipay, Tencent's WeChat Pay and UnionPay's QuickPass, are rapidly expanding their international footprints, pioneering a global payment revolution to determine how money changes hands.
来源：资阳报