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113-478: The digital yuan is designed to move instantaneously in both domestic and international transactions. It aims to be cheaper and faster than existing financial transactions. The technology enables transactions to take place between two offline devices. China's central bank, the People's Bank of China (PBOC), began research on the digital currency in 2014 under the leadership of Governor Zhou Xiaochuan . In 2016, Fan Yifei,

226-617: A K prefix on their route numbers. From 2018, most lines are air-conditioned lines (Include lines without K perfix). These lines comprise more than 200 routes covering the whole city. Local residents in the city proper, as well as in the surrounding areas, have traditionally spoken the Jinan dialect of Mandarin that is not readily understood even by native speakers of standard Mandarin. The younger people of Jinan are more likely to speak standard Mandarin, whereas many older residents retain strong local dialect elements in their speech. Nevertheless, even

339-424: A cheaper and more practical alternative to international transactions that are outside the U.S.-led global financial system, especially for countries with strong ties to China. It is feared by U.S. commentators and officials that the digital RMB would weaken the ability of the U.S. to monitor and control the global financial system, through "dollar weaponization," such as sanctions and through its intelligence access to

452-605: A contemporary Japanese government official, about 2,000 Japanese were living in Jinan in 1931, about half of whom were involved in the opium trade for which the Japanese had a loosely controlled monopoly that was exploited with the participation of Chinese traders. During the Warlord era of the Republic of China , Zhang Zongchang , nicknamed the "Dogmeat General", ruled Shandong from Jinan for

565-458: A decisive turn in favor of the attackers when KMT Lieutenant-General Wu Huawen defected to the Communist side with about 8,000 of his troops. The most likely explanation for his defection is that he had been pressured through relatives of his who were held captive by the Communist forces. Lieutenant-General Wu had been in charge of the vital outer ring of defenses that protected the main airfield,

678-453: A deputy governor of the PBOC, wrote that "the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications". According to Fan, the best way to take advantage of the situation is for central banks to take the lead, both in supervising private digital currencies and in developing digital legal tender of their own. In 2017,

791-421: A digital renminbi would be released after years of preparation. The version of the currency, known as DCEP (Digital Currency Electronic Payment), requires an account with a commercial bank, but may be "decoupled" from the banking system in the future, allowing tourists to gain access to the system. In April 2020, testing began in four cities around China ( Shenzhen , Suzhou , Chengdu and Xiong'an ) to improve

904-450: A group of Chinese army cadets, he urged them to turn their energies to washing away the shame of Jinan, but to conceal their hatred until the last moment. The Kuomintang government later decreed that May 3 be designated a "National Humiliation Memorial Day." During the Nanjing decade of the Republic of China , Han Fuju , a military commander from the warlord era who had aligned himself with

1017-613: A major trading center for agricultural goods in northern China. Traded commodities included cotton , grain, peanuts , and tobacco . Jinan also developed into a major industrial center, second in importance to Qingdao in the province. In 1919, after World War I , the Japanese took over the German sphere of influence in Shandong, including control of the Jiaoji railway, and established a significant Japanese influence in Jinan. According to estimates by

1130-459: A period that lasted from April 1925 until May 1928. Zhang was unpopular for his heavy-handed rule and in particular his heavy taxation. Besides heavy taxes, he relied financially on opium to finance his periodic wars. Zhang even planned to use some of the wealth extracted from these sources for building a living shrine and a large bronze statue for himself on the shore of Daming Lake , but these plans were not realized as his rule came to an end. In

1243-424: A provincial capital (Chinese: 省 府 ). Jinan is also referred to by the nickname "City of Springs" (Chinese: 泉 城 ), because of the many artesian springs in the urban city centre and its surroundings. The area of present-day Jinan has been inhabited for more than 4000 years. The Neolithic Longshan culture was first discovered at Chengziya to the east of Jinan ( Zhangqiu District ) in 1928. One of

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1356-592: A road and rail transportation hub, the Jinan Coach Terminus has one of the largest passenger flows nationally. On peak travel days, as many as 92,000 passengers per day have been counted, on off-peak days the number is around 42,000 passengers per day. Jinan Yaoqiang International Airport is located about 33 km (21 mi) northeast of the city center and located in Yaoqiang Subdistrict  [ zh ] of Licheng District, Jinan , from which

1469-628: A sub-provincial network of city-level and county-level sub-branches. That same year, the so-called credit plan, a key feature of China's former state planning process, was finally abandoned, allowing the PBC to play a genuine role as monetary policy authority. In 2003, the Standing Committee of the National People's Congress approved an amendment law for strengthening the role of PBC in the making and implementation of monetary policy for safeguarding

1582-540: A tool to allow Chinese authorities to keep domestic control and surveillance capabilities. Some argue that the real barriers to internationalisation of the renminbi are China's capital controls, which it has no plans to remove. Maximilian Kärnfelt, an expert at the Mercator Institute for China Studies , said that a digital renminbi "would not banish many of the problems holding the renminbi back from more use globally". He went on to say, "Much of China's financial market

1695-524: A total gross floor area of 171,000 square meters. Jinan is positioned at the intersection of two major railways: The Jinghu Railway that runs from Beijing to Shanghai is the major north–south backbone of the railway system in eastern China. In Jinan, it intersects with the Jiaoji Railway that connects Jinan to the sea port of Qingdao to the east. In addition, the Hanji Railway connects Jinan to

1808-408: A total gross floor area of 171,000 square meters. Jinan is renowned across China for its numerous springs, the lakes fed by the spring water, and the weeping willows that grow along the water edges. The late-Qing author Liu E describes Jinan's cityscape in his novel "The Travels of Lao Can" ( 老 残 游 记 , written 1903–04, published in 1907) as "Every family has spring water, every household has

1921-671: A transition from that single-tier banking system to a two-tier system, which was largely completed by 1984. In March 1979, as part of the Chinese economic reforms , the State Council split off state-owned banks from the PBC, first the Agricultural Bank of China (ABC) and the Bank of China (BOC). The People's Construction Bank of China , which had been run separately under the Ministry of Finance,

2034-438: A willow tree". Jinan was also the historical center of Buddhist culture for the whole province which is still manifest in the many historic sites that are left behind in its southern counties. Jinan is known as the "City of Springs" because of the large number of natural artesian springs. The majority of the springs, many of which have been historically listed under the " 72 Famous Springs " ( 七 十 二 名 泉 ) are concentrated in

2147-639: Is 14.70 °C (58.5 °F), and the annual precipitation is 670 millimetres (26.4 in), with a strong summer maximum, and high variability from year to year. January is the coldest and driest month, with a mean temperature of −0.7 °C (30.7 °F) and 5.0 millimetres (0.20 in) of equivalent rainfall. July is the hottest and wettest month, the corresponding numbers are 27.4 °C (81.3 °F), and 189.0 mm (7.44 in). With monthly percent possible sunshine ranging from 44 percent in July to 59 percent in May,

2260-480: Is nominated by the premier of the State Council , who is then approved by the National People's Congress or its Standing Committee and appointed by the president .The deputy governors of the PBC are appointed to or removed from office by the premier. The PBC adopts the governor responsibility system under which the governor supervises the overall work of the PBC while the deputy governors provide assistance to

2373-647: Is often called the "City of Springs" for its famous 72 artesian springs. Jinan is one of the top 35 cities in the world for scientific research as tracked by the Nature Index according to the Nature Index 2023 Science Cities. The city is home to several major universities , including Shandong , Shandong Normal , Shandong Jianzhu , University of Jinan , Qilu University of Technology , Shandong University of Traditional Chinese Medicine and Shandong University of Finance and Economics . Notably, Shandong University

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2486-532: Is one of China's most prestigious universities as a member of the Double First-Class Construction . The city is rated Beta- (Global second-tier city) by the biannual GAWC ratings in 2020. The modern-day name Jinan literally means "south of the Ji" and refers to the old Ji River (濟水) that had flowed to the north of the city until the middle of the 19th century. The Ji River disappeared in 1852 when

2599-722: Is outside the central metropolitan center and is in suburban western Jinan's Huaiyin District . Since it opened for public service on June 30, 2011, it has become a future hub with west–east running high speed railways to Taiyuan , Shijiazhuang and Qingdao . Jinan East railway station opened in 2018. An additional station, Jinan North railway station , is planned. Started by construction in 2013, Jinan Metro opened in 2019. Currently, Lines 1, 2 and 3 are operational, and has 40 stations. Major expressways include China National Highway 104 , China National Highway 220 , and China National Highway 309 . Because of Jinan's location and role as

2712-517: Is still not open to foreigners and property rights remain fragile." Victor Shih , a China expert and professor at the University of California San Diego , said that merely introducing a digital currency "doesn't solve the problem that some people holding renminbi offshore will want to sell that renminbi and exchange it for the dollar", as the dollar is considered to be a safer asset. Eswar Prasad , an economics professor at Cornell University , said that

2825-565: Is the central bank of the People's Republic of China . It is responsible for carrying out monetary policy as determined by the People's Bank Law and the Commercial Bank Law. The PBC was established in 1948 and became China's sole central bank after the founding of the People's Republic of China in 1949. From 1969 to 1978, the PBC was demoted to a bureau of the Ministry of Finance . The PBC

2938-514: Is the capital of Shandong province in Eastern China . With a population of 9.2 million, it is one of the largest cities in Shandong in terms of population. The area of present-day Jinan has played an important role in the history of the region from the earliest beginnings of civilization and has evolved into a major national administrative, economic, and transportation hub. The city has held sub-provincial administrative status since 1994. Jinan

3051-652: The 8th National People's Congress , and was granted a higher degree of autonomy than other State Council ministries by an act that year. In 1996 and 1996, the PBC established fundamental regulations on loans and consumer credit. In 1998, the PBC underwent a major restructuring. All provincial and local branches were abolished, and the PBC opened nine regional branches, whose boundaries did not correspond to local administrative boundaries. The nine branches were located in Chengdu , Guangzhou , Jinan , Nanjing , Shanghai , Shenyang , Tianjin , Wuhan , and Xi'an , complemented by

3164-407: The Bank of China were either organized as divisions of the PBC or were non-deposit taking agencies. From 1952 to 1955 government shares were added to private banks to make state-private banks, until under the first Five Year plan from 1955 to 1959 the PBC had complete control of the private banks, making them branches of the PBC, closely resembling the vision of Vladimir Lenin . With aid from

3277-472: The Cultural Revolution started in Jinan with an article in the local newspaper "Jinan Evening News" ( 济南 晚报 ) that denounced vice-governor Yu Xiu as a Bourgeois agent within the government. Starting from early June 1966, the schools in Jinan were closed down by strikes as teachers were "struggled against". At the same time, big-character posters started to appear in the city. Red Guards took to

3390-686: The Jingnan Campaign where the city was defended by loyalists of the Jianwen Emperor led by Tie Xuan against the rebel Prince of Yan Zhu Di 's army. In 1852, the northward shift of the Yellow River into a new bed close to the city triggered the modern expansion of Jinan. The new course of the Yellow River connected the city to the Grand Canal and regional waterways in northern Shandong and southern Hebei . German influence in Jinan grew after

3503-762: The Qing dynasty ceded Qingdao to the German Empire in 1897. A German concession area was established to the west of the historical city center (in the vicinity of the Jinan Railway Station first established by the Germans). The Jiaoji (Qingdao–Jinan) railway was built by the Germans against local resistance. Discontent over the construction of the railway was one of the sources fueling the Boxer Rebellion (1899–1901). During

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3616-576: The SWIFT payment system. Some commentators have said that the U.S., which has only started to consider to issue a government-backed digital currency, risks falling behind China and weakening its dominance in the global financial system. The digital renminbi has been described as a "national-security issue" threatening the US dollar by Josh Lipsky at the Atlantic Council think tank. It is also seen by commentators as

3729-590: The Shandong cuisine , one of the Eight Culinary Traditions of China. One of its features is the use of soup in its dishes. Modern cuisines in northern China —Beijing, Tianjin and the northeastern regions including Heilongjiang , Jilin and Liaoning — are all branches of Shandong cuisine. Most shopping malls in Jinan are in the downtown area centered around Spring City Square and Quancheng Road ( 泉 城 路 ; 'spring city road'). City of Springs Square

3842-519: The Soviet Union , the shares of private enterprises and with them industrial output followed a similar path, forming a Soviet-style planned economy . During the Cultural Revolution , the PBC suspended its commercial banking service. In June 1969, the State Council approved the consolidation of PBC's headquarters as a bureau within the Ministry of Finance . In that context, the PBC's head office

3955-401: The State Council approved the development of the digital RMB, in partnership with commercial banks and other organizations. Chinese technology firms such as Alibaba (through its affiliate Ant Group ), Tencent (which owns WeChat), Huawei , JD.com and UnionPay were invited to cooperate with the central bank in developing and testing digital RMB. In October 2019, the PBOC announced that

4068-490: The State Council . The PBC lacks central bank independence and is required to implement the policies of the Chinese Communist Party (CCP) under the direction of the party's Central Financial Commission . The PBC is led by a Governor assisted by several Deputy Governors and a CCP Committee Secretary . Since 2023, the roles of Governor and CCP Committee Secretary have been held jointly by Pan Gongsheng . The bank

4181-519: The Yellow River changed its course northwards and took over its bed. The current pronunciation of the character "Ji" with the third tone ( jǐ ) was established in the late 1970s. Prior to this, it was pronounced with the fourth tone ( jì ). Older western texts spell the name as "Tsinan" ( Postal romanization) or "Chi-nan" ( Wade-Giles romanization). During the times of the Zhou dynasty (1045 BC to 256 BC),

4294-466: The renminbi . As of 2021 , China has swap agreements with 40 countries. In 2010, the PBC issued administrative measures regarding online non-financial payment services . These measures retroactively recognized the legal status of online third-party payment platforms like Alipay . Prior to the 2010 measures, these services existed in a legal grey area. In 2015, the PBC hosted China's first formal deposit insurance scheme. In 2019, this scheme

4407-496: The 1950s, large iron and steel works as well as chemical factories were established around Jinan. The large metal works produce pig iron , ingot steel, as well as finished steel. In the 1970s, Sinotruk established its headquarters and factories for the production of trucks and construction vehicles in the city. Industrial zones include: Founded in 1991, the Jinan High-tech Industrial Development zone

4520-676: The Credit Reference Centre to provide financial credit reporting. In 2008, the PBC lost the direct ownership stakes it had built up in much of China's financial sector as the ownership of Central Huijin was transferred to the China Investment Corporation (CIC), a newly created sovereign wealth fund . During the Great Recession , the PBC helped address bank liquidity crisis by signing swap agreements with numerous other countries to provide them with liquidity based on

4633-447: The Games' visitors. In early January 2019, the State Council of the People's Republic of China approved the approval of Shandong Province to adjust the administrative division of Laiwu City and Jinan City , cancel Laiwu City, and all jurisdiction of former Laiwu City belongs to Jinan City; establish Laiwu District of Jinan City to replace the former Laicheng District of Laiwu City with

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4746-470: The Japanese consul in Jinan to declare Shandong an "independent state" allied with Japan. After the start of the Second Sino-Japanese War , the Japanese invasion force crossed the Yellow River 60 km (37 mi) north-east of Jinan on December 23, 1937. Han Fuju abandoned Jinan the next day against orders to hold the city to the death. He ordered the offices of the provincial government and

4859-539: The Japanese consulate in Jinan to be burned down and the ensuing power vacuum led to widespread looting in the city. Japanese troops from the 10th Division of the Manchurian Area Army entered Jinan on December 27, 1937. Han Fuju was arrested and executed for disobeying orders from superior commanders and retreating on his own accord by Chiang Kai-Shek's chief of staff, General Hu Zongnan . Japanese troops controlled Jinan until their defeat in 1945. After this,

4972-532: The Jinan High-tech Industrial Development Zone has attracted enterprises as LG, Panasonic, Volvo, and Sanyo. In 2000, it joined the world science and technology association and set up a China-Ukraine High-tech Cooperation Park. The Qilu Software Park became the sister park of Bangalore park of India. The export processing zone is located in the eastern suburbs of Jinan, to the east of the Jinan High-tech Industrial Development Zone and to

5085-617: The Kuomintang regained short-lived control of the city during the period from 1946 to 1948. The provincial government during this time was led by Lieutenant-General Wang Yaowu , who also commanded the KMT army in the region. KMT rule over Jinan ended in September 1948 with the Battle of Jinan in which units of the People's Liberation Army under the command of Chen Yi took the city. The battle for Jinan took

5198-484: The Kuomintang, was rewarded with the military governorship of Shandong, after fighting against the rebel troops of Yan Xishan and his former commander Feng Yuxiang in the Central Plains War in 1930. He established his base in Jinan and is credited with curtailing banditry and drug trading, thereby bringing a measure of peace and prosperity to the city. However, from 1935 onwards Han was under heavy pressure from

5311-544: The PBC as of 2012: The PBC is active in promoting financial inclusion policy and a member of the Alliance for Financial Inclusion. The head office building of the PBC, on West Chang'an Avenue , was constructed in 1987–1990 on a design by a team of architects led by Zhou Ru. While its materials are modern, its shape refers to two traditional Chinese motifs, namely yuanbao ingots and "wealth vases" ( Chinese : Jùbǎopén ) from Chinese folklore. Jinan Jinan

5424-479: The PBC in the Caribbean Development Bank). The PBC Monetary Policy Committee is an advisory body chaired by the PBC governor. It typically includes the directors and deputy directors of other financial agencies, as well as a few influential academic economists. As of 2019 , the PBC consisted of functional departments (bureaus) as below: The following enterprises and institutions were directly under

5537-660: The PBC is the most powerful position in the bank and can hold more sway than the governor. The current CCP committee secretary is Pan Gongsheng. The PBC has branches in each 31 provincial-level administrative divisions in China, branches in five cities (Shenzhen, Dalian, Ningbo, Qingdao, and Xiamen), and 317 branches in prefecture-level divisions . It has 6 overseas representative offices (PBC Representative Office for America, PBC Representative Office (London) for Europe, PBC Tokyo Representative Office, PBC Frankfurt Representative Office, PBC Representative Office for Africa, Liaison Office of

5650-660: The PBC reluctantly lost its direct authority over banking supervision with the creation of the China Banking Regulatory Commission . In 2005, the PBC elevated its branch in Shanghai to the status of "second head office", in a move intended to mirror the prominent market-facing role of the Federal Reserve Bank of New York within the US Federal Reserve System . In 2006, the PBC established

5763-501: The PBOC, stated that the "goal is not to replace the U.S. dollar or other international currencies". According to World Bank data, in 2017, almost 20% of Chinese over 15 did not hold a bank account. As of February 2021, 87% of the population have access to fintech apps such as WeChat Pay and Alipay , which together account for more than 90% of electronic payments in China as of 2021. Chinese fintech apps have largely leapfrogged traditional card-based payment networks in China, due to

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5876-533: The Shandong Agricultural College. The rest of the sciences were to form the Shandong Science and Technology University. Shandong Normal University was to be moved to Liaocheng. Shandong Medical College and Shandong College of Traditional Chinese Medicine were to be merged and moved to Tai'an. Shandong University was restored in its original form and the "Shandong Science and Technology University"

5989-706: The Song dynasty at the hands of the Jurchens who gained control over almost half of the Song territories and established the Jin dynasty in northern China. After Jinan came under control of the Jin dynasty, both Li Qingzhao and Xin Qiji had to abandon their homes and reflected this experience in their works. During the Civil War that followed the proclamation of Kublai Khan as Great Khan in 1260 CE, Jinan

6102-463: The abolition of the nine regional branches established in 1998, which had already seen their authority watered down by a change in 2004 that had returned authority to the PBC's branches at the provincial level and further changes in 2018. Additionally, the PBC's county-level branches were absorbed by city-level branches. The new branches were inaugurated on August 18, 2023. The oversight over financial holding companies and financial consumer protection

6215-693: The arrival of a mango fruit in the "August 1st" Meeting Hall. The fruit had been a gift to the workers in Beijing by Mao and was subsequently passed on to the workers in Jinan. In November 1968, Wang Xiao Yu began to agitate against the local army units in Jinan and Shandong Province. By then unrest due to the Cultural Revolution had severely damaged the city's governmental and industrial infrastructure, with about 80 percent of all government institutions shut down. Large public protests were staged on April 4 and 5, 1969, in which approximately 500,000 people protested

6328-519: The back-lawn, and slaughtered by machine guns on the same day. After the incident, Japanese reinforcements were sent to Shandong and by 11 May, Japanese troops pushed the Chinese troops from the area, inflicted thousands of casualties and killed over 2000 Chinese civilians. The Japanese occupied Jinan for more than six months until they withdrew to their garrison in Qingdao on 28 March 1929. When Chiang lectured

6441-509: The characteristic features of the Longshan culture are the intricate wheel-made pottery pieces it produced. Most renowned is the black "egg-shell pottery" with wall thicknesses that can go below 1 millimeter. During the Spring and Autumn period (722–481 BCE) and Warring States period (475–221 BCE), the area of Jinan was split between two states: the state of Lu in the west and the state of Qi in

6554-728: The city of Handan ( Hebei Province) in the west. Within Shandong province, the Jinghu Railway connects Jinan with the cities of Dezhou , Tai'an , Jining , and Zaozhuang ; the Jiaoji Railway provides a link to the cities of Zibo , Qingdao , and Weifang ; the Hanji Railway serves the cities of Yancheng and Liaocheng . Central Jinan is served by Jinan railway station , Jinan East railway station , and Daminghu railway station (just by Daming Lake ). The Beijing–Shanghai high-speed railway calls at Jinan West railway station , which

6667-432: The city of Lixia ( simplified Chinese : 历 下 ; traditional Chinese : 歷 下 ; pinyin : Lìxià ) was the major settlement in the area. The name "Lixia" refers to the location of Jinan at the foot of Mount Li, which lies to the south of the city. Today, Lixia is the name of one of the city's districts. The Battle of An , which was fought in the area during the Spring and Autumn period (in 589 BCE) between

6780-411: The city receives 2,333 hours of bright sunshine annually. Due to the mountains to the south of the city, temperature inversions are common, occurring on about 200 days per year. The high precipitation for northern Chinese standards, in tandem with the topography (mountains surrounding the city on three sides), leads to particularly oppressive summer weather and the city being named as a candidate for

6893-503: The concepts of Yin-Yang and the Five Elements . Joseph Needham , a British sinologist , describes Zou as "The real founder of all Chinese scientific thought." During the times of the Han dynasty (206 BCE – 220 CE), Jinan was the capital of the feudatory Kingdom of Jibei ( Chinese : 濟 北 國 ) and evolved into the cultural and economic hub of the region. The Han dynasty tomb where

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7006-575: The cross-border crude oil settlement by PetroChina , the listed arm of China National Petroleum Corporation (CNPC). An e-CNY wallet, which serves as a tool to store digital renminbi and make transactions, possesses four distinct specifications as revealed by the central bank of China. The PBOC has stated that the goal of launching digital RMB is to partially replace cash, but not bank deposits or privately run payment platforms. The bank claimed that digital RMB could be used to reduce money laundering, gambling, corruption and terror financing, and may improve

7119-986: The currency's functionality. Areas of testing include the currency's reliability, stability, ease of use, and regulatory concerns such as the prevention of money laundering, tax evasion and terror financing. The currency could be transferred to bank accounts or used directly with certain merchants, and could be controlled via apps on one's smartphone. As of April 2021, more than 100,000 have downloaded such apps, which were developed by banks, including six state-owned banks. The digital currency could be spent in stores like Starbucks and McDonald's in China, as well as online shopping platforms like JD.com. Local governments, partnering with private businesses, have distributed more than 150 million RMB as incentive to attract test users of digital RMB and to stimulate consumption. As of April 2021, testing has been expanded to six additional regions: Shanghai , Hainan , Changsha , Xi'an , Qingdao and Dalian . In June 2021, some Chinese cities expanded

7232-512: The digital renminbi "will hardly put a dent in the dollar's status as the dominant global reserve currency" due to the United States' "economic dominance, deep and liquid capital markets, and still-robust institutional framework". The U.S. dollar's share as a reserve currency is above 60%, while that of the renminbi is about 2%. U.S. Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell have said that they are studying

7345-403: The downtown district and flow north to converge in Daming Lake . The Baotu Spring Park is the most popular of the springs in the City of Jinan proper. Besides the Baotu Spring, the park contains several other springs that are listed among the "72 Famous Springs". "Bào tū" ( 趵 突 ) means "jumping and leaping" in Chinese. The water in the spring pool can be seen foaming and gushing, looking like

7458-407: The east. In 685 BCE, the state of Qi started to build the Great Wall of Qi across Changqing county. Portions of the wall still remain today and are accessible as open air museums. Bian Que , according to the legend the earliest Chinese physician and active around 400–300 BCE, is said to have been a native of present-day Changqing County. Zou Yan (305–240 BCE), a native of Zhangqiu City , developed

7571-423: The effects of digital currencies like the digital RMB and how they will affect the U.S. dollar. The EU is also considering to issue a digital euro . According to Clingendael Institute , digital currencies such as the digital yuan threaten the growing position of the euro as an alternative to the dollar. People%27s Bank of China The People's Bank of China (officially PBC and unofficially PBOC )

7684-429: The efficiency of financial transactions. The central bank also stated that it would limit how it tracks individuals, through the so-called "controllable anonymity." Critics say that the currency will give the Chinese government a new tool to monitor its people and financial transactions. In 2020, non-cash transactions represented 4 out of 5 payment transactions totaling a sum of 320 trillion yuan. Li Bo, deputy governor of

7797-466: The extended trial who had made US$ 13.8 billion of transactions It has also been rolled out for foreign attendees at the 2022 Winter Olympics in Beijing , where it has seen limited use due to entrenched digital currencies and Visa , as well as lack of publicity. On March 31, 2022, People's Bank of China announced that the testing has been further expanded to six additional regions: Tianjin , Chongqing , Guangzhou , Fuzhou , Xiamen , and six cities in

7910-412: The extraordinary art works he completed during his stay in Jinan, the best known painting is "Autumn Colors on the Qiao and Hua Mountains" ( 《 鹊 华 秋 色 》 ). Geographer Yu Qin (1284–1333) also served as an official in Jinan and authored his geography book Qi Cheng there. When Shandong province was established under the Ming dynasty , Jinan became its capital. Jinan was the site of a siege during

8023-547: The fintech apps' ease of use and much cheaper fees for merchants. Transfers within Wechat Pay and Alipay are free within their respective ecosystems, and generally have a 0.1% fee for transfers outside their ecosystem, much lower than the 2–4% fee imposed by credit cards . Wechat Pay and Alipay each have over a billion users in China, and are used by over 90% of the population in China's largest cities as their preferred payment method. The digital yuan might sideline these private digital payment platforms. The digital RMB could provide

8136-459: The fourth "furnace", c.e. Three Furnaces . Extremes since 1951 have ranged from −19.7 °C (−3 °F) on January 17, 1953, to 42.5 °C (109 °F) on July 24, 1955. The sub-provincial city of Jinan has direct jurisdiction over ten districts and 2 counties after the annexation of Laiwu to Jinan in 2019: These are further divided into 146 township-level divisions , including 65 towns , 27 townships and 54 subdistricts . With

8249-432: The front of the provincial government between two rival factions of the Cultural Revolution, the "April 22nd Group" and Wang Xiao Yu's "April 28th Group". In the end, more than 10,000 people had been involved in the fighting. On October 11, 1967, the tallest statue of Mao Zedong in Shandong province was erected on the campus of Shandong Normal University . On September 17, 1968, a large assembly of Jinan workers celebrated

8362-508: The governor to fulfill his or her responsibility. The current governor is Pan Gongsheng . Deputy governors of the management team include: Zhu Hexin , Zhang Qingsong , Xuan Changneng , Lu Lei , and Tao Ling . The PBC does not have central bank independence and is required to implement the policies of the Chinese Communist Party (CCP). It operates under the direction of the CCP's Central Financial Commission . The CCP committee secretary of

8475-401: The last king of Jibei, Liu Kuan ( 刘 宽 ; 劉 寬 ; Liú Kuān ), was buried at Shuangru Mountain was excavated by archaeologists from Shandong University in 1995 and 1996. More than 2000 artifacts such as jade swords, jade masks, and jade pillows have been recovered within the 1,500 square meter excavation site, emphasizing the wealth of the city during the period. Cao Cao (155 – 220 CE)

8588-489: The late 1980s and early 1990s. In 1990, the PBC moved into its new head office building, prominently located on West Chang'an Avenue . In 1991, vice governor Chen Yuan spearheaded the creation of the Electronic Interbank System (EIS), the PBC's first state-of-the-art financial market infrastructure . In 1992, however, the PBC had to reluctantly concede the spinning off of its securities regulatory duties to

8701-514: The name change and its reversal, Lixia District had been known officially as "Hongwei", Tianqiao as "Face the Sun", Huaiyin as "East Wind", and Shizhong as "Red Flag". As the Cultural Revolution came to an end, Jinan started to receive visitors from abroad. For example, it was visited by a delegation from the United States Congress between August 8 and 11, 1975. On September 18, 1976, Mao's death

8814-405: The name of the airport is derived. The airport is connected to the city center of Jinan by expressways. It has domestic flights to many of the major cities in China as well as to international destinations, in particular Helsinki , Osaka , Seoul , Paris , Bangkok and Singapore . The conventional buses in the city have air-conditioned and non-air-conditioned buses. Air-conditioned lines have

8927-405: The newly established China Securities Regulatory Commission , whose first chair was former PBC vice governor Liu Hongru . The bank's profile was greatly raised by the appointment of Zhu Rongji as its Governor in 1993, simultaneously as his role as Vice Premier in charge of economic and financial affairs. . Its central bank status was legally confirmed on March 18, 1995, by the 3rd Plenum of

9040-584: The north of the Jiwang highway. The distances to the Jiqing Highway and the Jinan Airport are 9 km (5.6 mi) and 18 km (11 mi) respectively. As of the 2020 Chinese census , its total population (including Laiwu City merged recently) was 9,202,432 inhabitants and its built-up ( or metro ) area made of 6 out of 10 urban districts ( Jiyang , Zhangqiu , Laiwu and Gangcheng not yet conurbated)

9153-455: The occupation of Zhenbao Island by the Soviet Union. On July 29, 1970, the leadership of the Cultural Revolution passed a resolution to make sweeping changes to the city's educational system: The liberal arts departments of Shandong University were moved to Qufu and combined with Qufu Normal College to form a new Shandong University. The biology department was moved to Tai'an and merged into

9266-578: The overall financial stability and provision of financial services. That year, the long overdue restructuring of China's banking sector made major progress with the creation of Central Huijin Investment , a PBC-managed fund that allowed the PBC to take the lead from the Ministry of Finance on the restructuring process and from the CCP Central Organization Department on the appointment of senior bank executives. That same year, however,

9379-454: The province of Jiangsu started to rollout salary payments in e-CNY for government employees as well as staff at stated-owned companies and public institutions. On July 11, 2023, Bank of China , China Telecom , and China Unicom announced the joint launch of SIM card -based e-CNY wallets, which allow offline payments using the SIM's NFC function. In October 2023, digital yuan was first used in

9492-510: The province of Zhejiang that are hosting the 2022 Asian Games ( Hangzhou , Ningbo , Wenzhou , Huzhou , Shaoxing , and Jinhua ). Another news statement from PBOC shows that the city of Beijing and Zhangjiakou are also being included on the list of testing after the 2022 Winter Olympics. On December 16, 2022, the testing of Digital renminbi has been further expanded into five additional regions: Jinan , Fangchenggang , Nanning , Kunming , and Xishuangbanna . From May 2023, Changshu in

9605-499: The railroad station, and the commercial district. With these critical assets lost, the situation of the city's defenders became untenable. Following the weakening of the city's defenses, the People's Liberation Army breached the city wall and entered Jinan on September 24, 1948. In March 1966, the largest among the drawn-out sequence of earthquakes that made up the Xingtai earthquake damaged about 36,000 houses in Jinan. On May 27, 1966,

9718-469: The rebellion, foreign priests were evacuated from Jinan and Chinese Christians became a target of violence. The Jiaoji railway was completed in 1904, three years after the Boxer Rebellion had been put down, and opened the city to foreign trade. The importance of Jinan as a transportation hub was cemented with the completion of the north–south Jinpu railway from Tianjin to Pukou in 1912. Jinan became

9831-644: The region during the Song dynasty (960 – 1279 CE). The Song rulers promoted Jinan to a superior prefecture in 1116 CE. Two of the most important poets of the Southern Song were both born in Jinan: Li Qingzhao (1084–1151 CE), the most renown female poet in Chinese history, and Xin Qiji (1140–1207 CE), who was also a military leader of the Southern Song dynasty. Both poets witnessed a series of crushing defeats of

9944-555: The same administrative area; establish Gangcheng District of Jinan City to replace the former Gangcheng District of Laiwu City with the same administrative area. Jinan has a humid subtropical climate ( Köppen : Cwa ), considering an isotherm of −3 °C, or a humid continental climate ( Köppen : Dwa ), considering an isotherm of 0 °C, with four well-defined seasons. The city is dry and nearly rainless in spring, hot and rainy in summer, crisp in autumn and dry and cold (with little snow) in winter. The average annual temperature

10057-413: The shift of the Yellow River to a new bed right to the north of Jinan (in 1852) and the establishment of a railroad hub, the city became a major market for agricultural products from the productive farming regions to the north. Following the trade in agricultural goods, the city developed a textile and clothing industry, flour mills, oil presses, as well as factories producing paper, cement, and matches. In

10170-535: The southern county of Licheng was one of the most important temples in northern China at that time. The same period witnessed extensive construction of Buddhist sites in the southern counties of Licheng and Changqing such as the Lingyan Temple and the Thousand-Buddha Cliff . In particular, a large number of cave temples were established in the hills south of Jinan. Jinan remained the cultural center of

10283-605: The spring of 1928, the Kuomintang 's Northern Expedition reached Jinan. On May 3, 1928, clashes developed between Japanese troops stationed in Jinan and the Kuomintang troops moving into the city ( Jinan incident ). Cai Gongshi , a Kuomintang emissary sent to negotiate and 16 members of his entourage were cruelly executed by the Japanese. Japanese officers placed an order to slice off his nose and ears, and to gouge out his eyes and tongue. Sixteen other members of his negotiation team were also striped naked, recklessly whipped, dragged to

10396-423: The states of Qi and Jin , is named for the ancient city of An (Chinese: 鞍 ; pinyin: Ān ) which stood within the city limits of present-day Jinan. Marco Polo gives a brief description of Jinan under the name "Chingli" or "Chinangli". 19th and early 20th century texts frequently give the name of the city as "Tsinan Fu" where the additional "Fu" (Chinese: 府 ) comes from the dated Chinese term for

10509-452: The streets of Jinan from late August 1966 onwards, damaging cultural heritage and setting up courts to prosecute perceived enemies of the revolution. In the spring of 1967, the "May 7th Incident" took place: When Zhang Chunqiao and Yao Wenyuan , both later reviled as members of the Gang of Four , visited Jinan to support the Cultural Revolution and its local leader Wang Xiao Yu, fighting erupted in

10622-420: The use of e-CNY in public transportation. Chengdu was the first to fully integrate e-CNY payments across all buses and subway lines. This was part of a larger pilot to test the digital currency in daily transactions. Later, Beijing and Suzhou also implemented e-CNY for public transport, with Beijing enabling it on all 24 subway lines and Suzhou on its new Line 5. At the end of 2021, there were 261 million users in

10735-718: The western end of City of Springs Road). Major shopping malls along the road are the Guihe Shopping Center ( 贵 和 商 厦 ), the Sofitel Silver Plaza, the Shimao international shopping center, and the Wanda Shopping Mall ( 万 达 集团 ). Parc 66 ( 济南 恒 隆 广场 ) to the south of City of Springs Road (opposite of Water Lily Street ), opened in August 2011, is Jinan's largest shopping mall with seven levels of retail space and

10848-432: The western end of City of Springs Road). Major shopping malls along the road are the Guihe Shopping Center ( 贵 和 商 厦 ), the Sofitel Silver Plaza, the Shimao international shopping center, and the Wanda Shopping Mall ( 万 达 集团 ). Parc 66 ( 济南 恒 隆 广场 ) to the south of City of Springs Road (opposite of Water Lily Street ), opened in August 2011, is Jinan's largest shopping mall with seven levels of retail space and

10961-399: The younger residents of Jinan tend to retain a strong local accent and mix local vocabulary into the standardized Mandarin vocabulary. Due to the influx of migrant workers during the past decade of China's economic boom, many of the current population that are of working age are not natives of Jinan but have learned to understand the Jinan dialect. Jinan has its own cuisine, the Jinan style of

11074-532: Was abolished in early 1974. The first reversals of Cultural Revolution policies started in early 1971: On May 23 of that year, the Shandong Provincial Museum was reopened after having been closed for about 5 years (since May 1966). In the next year, the Jinan Committee for the Cultural Revolution officially reverted the name changes of four city districts enacted in 1966. During the 6 years between

11187-482: Was also made autonomous (and later renamed China Construction Bank in 1986). In January 1984, the PBC's own commercial banking operations were spun off as the Industrial and Commercial Bank of China (ICBC). In September 1983, the State Council had promulgated that the PBC would function exclusively as the central bank of China and no longer undertake commercial banking activities. Modernization efforts continued in

11300-494: Was also transferred from the PBC to the newly established National Financial Regulatory Administration (NFRA). Around 1,600 county-level branches of the PBC are planned to be absorbed to the NFRA; the PBC had 1,761 such branches at the end of 2021. The PBC is a cabinet -level executive department of the State Council . The top management of the PBC are composed of the governor and a certain number of deputy governors. The governor

11413-573: Was an official in Jinan before he became the de facto ruler of the Han dynasty. His son, Cao Pi , overthrew the last emperor of the Han and founded the Wei Kingdom (220 – 265 CE) of the Three Kingdoms period . Beginning in the 5th century CE, Buddhism flourished in Jinan. The Langgong Temple ( 朗 公 寺 ; Lǎnggōng Sì , later renamed Shentong Temple, ( 神 通 寺 ; Shéntōng Sì , and now in ruins) in

11526-508: Was at the center of a rebellion by Yizhou governor Li Tan against Mongol rule in 1262 CE. The rebellion was crushed in a decisive battle that was fought not far from Jinan in late March or early April 1262 CE. After losing 4000 of his troops in the battle, Li Tan retreated to Jinan to make his last stand. After defections of his defenders had made his position untenable, Li Tan tried to commit suicide by drowning himself in Daming Lake . However, he

11639-423: Was built by the municipal government beside the city moat in the early 21st century; at the center is the statue "Spring" which has become a symbol of Jinan. The square borders on the ancient city moat. It has a music fountain, a 46,000 square meter underground shopping center and a memorial hall with statues of famous people from Shandong. City of Springs Road was rebuilt at the same time that City of Springs Square

11752-405: Was created. The government's intention was to create a modern business district and yet preserve the traditional Chinese culture. Therefore, newly built shopping malls with traditional Chinese architectural styles and modern western skyscrapers can be found side by side along City of Springs Road. Notable retail businesses are Quancheng Bookstore – the largest bookstore of the city – and Walmart (near

11865-405: Was created. The government's intention was to create a modern business district and yet preserve the traditional Chinese culture. Therefore, newly built shopping malls with traditional Chinese architectural styles and modern western skyscrapers can be found side by side along City of Springs Road. Notable retail businesses are Quancheng Bookstore – the largest bookstore of the city – and Walmart (near

11978-563: Was downsized to no more than eighty staff. Local PBC branches were correspondingly merged into local government finance departments. The institutional demotion of the PBC was reversed in March 1978 as it was separated from the Finance Ministry and granted ministerial ranking. By then and with the exception of special allocations for rural development, the monolithic PBC dominated all business transactions and credit. In 1979, China initiated

12091-610: Was established on December 1, 1948, based on the consolidation of the Huabei Bank, the Beihai Bank and Northwestern Farmers' Bank. The headquarters was first located in Shijiazhuang , Hebei , and then moved to Beijing in 1949. Between 1950 and 1978 the PBC was the only bank in the People's Republic of China and was responsible for both central banking and commercial banking operations. All other banks within mainland China such as

12204-422: Was extensively reformed during the 1990s, when its provincial and local branches were abolished, instead opening nine regional branches. In 2023, these reforms were reversed as when the regional branches were abolished and the provincial branches restored, and new arrangements essentially ended the PBC's longstanding role in financial supervision . The PBC is the 25th-ranked of 26 ministerial-level departments of

12317-414: Was home to 5,452,335 inhabitants, most of them with Han ethnicity. Most shopping malls in Jinan are in the downtown area centered around City of Springs Square and Quancheng Road ( 泉 城 路 ; 'spring city road'). City of Springs Square was built by the municipal government beside the city moat in the early 21st century City of Springs Road was rebuilt at the same time that City of Springs Square

12430-508: Was mourned by about 600,000 people at an official service in Jinan's August 1 Square. Jinan was the host of the 11th All China Games during October 2009. These games are the selection games for the Chinese Olympic champions. For this occasion, security was heightened and a full volunteer force was out on the streets directing visitor traffic. The city conducted major renovations in its transportation and recreation services in anticipation of

12543-412: Was one of the first of its kind approved by the State Council. The zone is located to the east of the city and covers a total planning area of 83 km (32 sq mi) that is divided into a central area covering 33 km (13 sq mi), an export processing district of 10 km (3.9 sq mi), and an eastern extension area of 40 km (15 sq mi). Since its foundation,

12656-503: Was reorganized as a subsidiary of the PBC, the Deposit Insurance Fund Management Company. Meanwhile, in 2017, the PBC was tasked with the secretariat of China's newly established Financial Stability and Development Committee chaired by Vice Premier Liu He . In 2020, the PBC initiated supervision of significant financial holding companies . The PBC underwent through another major restructuring in 2023, with

12769-503: Was rescued by the Mongols in order to execute him by trampling him to death with their horses. Despite such violent conflicts, culture in Jinan continued to thrive during the Jin (1115–1234) and Yuan (1271–1368) dynasties: One of the most renowned artists of the Yuan dynasty, Zhao Mengfu (1254–1322) was appointed to the post of governor of Jinan in 1293 and spent three years in the city. Among

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