Dr. Chen Hongtian to Submit the Following Proposals at This Year's Two Sessions

2021.03.02

On March 4, 2021, the Fourth Session of the 13th National Committee of the Chinese People's Political Consultative Conference will be held in Beijing. Dr. Chen Hongtian, a member of the CPPCC National Committee, a Justice of the Peace appointed by the HKSAR, Chairman of Harmony Club, and Chairman of Cheung Kei Group will attend the meeting and submit the following proposals such as "Proposal on Renaming the Renminbi to the Chinese Yuan" and "Proposal on Resolving Problem of Municipal Officials Ignoring Pending Issues Left by Their Predecessors” during this year's Two Sessions.  

Venue of the CPPCC National Committee meeting last year

Promoting the Chinese Currency to Become A Global Currency

In his "Proposal on Renaming the Renminbi to the Chinese Yuan", Dr. Chen Hongtian shared his views that China should continue to promote the globalisation of its currency in order to become a global political and economic power. Renminbi is already circulating widely in the region, and its role in the development of the Belt and Road Initiative has become increasingly prominent. However, the terminology of the Renminbi is inconsistent with international practice, which is not conducive to accelerating the cross-border circulation and internationalization of the currency.

To lay a stronger foundation for the international settlement and internationalization of the Chinese currency, Dr. Chen Hongtian suggested renaming the Renminbi to "Chinese Yuan" officially.

He analysed that in Asia, the "Chinese Yuan" can promote the creation of the "Asian Currency". In Asia, due to the continued economic downturn in Japan, the Japanese Yen's exchange rate has been fluctuating greatly, and so it is not sufficient to become a single dominant currency for Asia. The "Chinese Yuan" will be more representative of Asia, to become the dominant Asian currency. On the global level, the current practice and naming convention of the Renminbi makes it difficult for the Chinese currency to be on par as the U.S. dollar, the Euro, the Japanese yen, the British pound and other currencies, as it does not directly reflect its issuing body and national sovereignty. The Renminbi is usually denoted as "RMB" or "CNY", with "CNY" being the abbreviation for the Chinese Yuan, and the currency symbol assigned to China by the ISO. It has now replaced the RMB notation and is the only standardised symbol for the Chinese currency used in international trade.

Renaming the RMB as "Chinese Yuan" will be conducive to enhancing our voice in the global economy, strengthening the sense of Chinese national identity, achieve unification, and promoting the Chinese Yuan as a world currency. If China wants to become a political and economic power globally, it should promote its currency to become a global currency, and the naming of the Renminbi will fall short. With the People's Bank of China promoting the issuance and circulation of digital currency and the development of the Belt and Road initiative, it is an opportune time to rename our currency to the "Chinese Yuan".

Proposal on Resolving Problem of Municipal Officials Ignoring Pending Issues Left by Their Predecessors

As an entrepreneur, Dr. Chen Hongtian has been actively addressing the demands of the business community and speaking out for his peers through the CPPCC in recent years. He has been calling on the improvements of the municipal government from the ground-up, to maintain policy continuity, optimise the business environment, and boost the confidence of businesses and investors.

In the "Proposal on Resolving Problem of Municipal Officials Ignoring Pending Issues Left by Their Predecessors", Dr. Chen Hongtian proposed that since the 18th National Congress of the Chinese Communist Party, the committees and governments at all levels have introduced a series of policies and regulations that have improved the efficiency of their work. However, in some instances, at the local municipal government level, the issue of "municipal officials ignoring pending issues left by their predecessors" still exists.

The central government clearly requires new officials of the local governments to continue working on pending issues left by their predecessors. However, some grassroots governments still do not keep to their word, integrity, and some would even ignore the relevant laws and regulations. This phenomenon often poses a massive threat for businesses and is a lethal hindrance to our economic and social development. Businesses often find it hard to adapt in such a scenario, some investors have suffered heavy losses, which then leads to an overall lack of confidence in the market. At the same time, this also has a direct impact on the credibility of the government.

Dr. Chen Hongtian suggested that in response to the phenomenon of "municipal officials ignoring pending issues left by their predecessors", a system of lifelong accountability on major decisions should be established, a mechanism to record officer's failure, warnings, disciplinary actions should be in place. The municipal government must adhere to a system that encompasses "governmental commitment, transparency to society, and accountability for failure" in all its work.

To rectify the phenomenon of "municipal officials ignoring pending issues left by their predecessors", those who misuse their power arbitrary must be monitored and controlled. Leaders who abuse their power and lack discipline should face repercussions, as they greatly affect the confidence of investors. The culture of integrity should be strengthened, to optimize rule of law in the business environment, improve the government's ability to perform its administrative duties. Therefore during leadership turnover, any violation of the legitimate rights and interests of businesses and individuals that do not uphold the spirit of the law must bear legal and economic responsibility.

The phenomenon of "municipal officials ignoring pending issues left by their predecessors" is not just a matter of shirking responsibilities, it must be addressed in accordance with the party rules and discipline. Offenders should not be in a public position again to ensure that the administration adheres to agreements and fulfils their commitments, and this will in turn help to build a government of integrity. At the same time, the government needs to revise its past performance assessment standards to include methods that evaluate "municipal officials ignoring pending issues left by their predecessors".

As a veteran member of the CPPCC National Committee for three consecutive terms, Dr. Chen Hongtian added that as 2021 marks the opening year of the 14th Five-Year Plan, he felt that the responsibilities of its members have become greater. He will continue to improve his abilities in performing his duties, provide more professional suggestions, and continue to speak out for matters in the business community that require attention and improvement.