Wu said that according to the announcement of the Standing Committee of the Shanghai Municipal People's Congress, the "Shanghai Provisions on Promoting the Use of Blockchain to Empower the Application of Electronic Documents in Pudong New Area" was passed on December 31, 2024 and will come into effect on January 1, 2025. The regulations clearly state that Pudong New Area will rely on blockchain technology to promote the issuance, transfer, storage and conversion of electronic documents, and encourage the application of blockchain infrastructure in trade, shipping, finance and other fields to enhance the level of industrial digitalization. Shanghai also supports the access of digital RMB to blockchain for electronic document storage, payment, settlement and other scenarios, and explores cross-border data flow mechanisms to promote data storage platforms to serve judicial and financial fields.