In the socialist market economy, and under the leadership of the Communist Party of China (CPC), there are hundreds of millions of market entities with clear property rights. With hard budget constraints, these market entities work hard to create value for the society and provide products and services needed by the society.
Let me give you a few examples of these experiments: Under the name Project Jasper, the Bank of Canada has studied the use of DLT technology for various applications, including the clearing and settlement of high-value interbank payments. The ECB and Bank of Japan have set up Project Stella, currently in its second phase.