Are you ready for thousand yuan bills? Member of CPPCC National Committee, vice chairman of the Shangdong Federation of Industry and Commerce Zong Licheng suggested in a proposal, issuing 500 yuan or 1000 yuan denomination bills, in order to meet the economic and social development needs and to reduce the cost of currency in circulation. This message immediately triggered heated debate once appeared on the Internet.
As early as 2004 Lianghui (Two Meetings – National People’s Congress and Chinese People’s Political Consultative Conference), member Zong Licheng has made recommendations to issue the 500 yuan and 1000 yuan denomination bills. However the reply given by the central bank officials was “still premature to issue large bills.”
During this year’s Lianghui, member Zong Licheng believes that time is right for issuing 500 yuan or 1000 yuan large bills, large-denomination RMB has a variety of advantages and benefits. Easy to carry, reduces the circulation time, increases efficiency and saves paper. Currently the largest denomination of RMB is too small, can no longer meet the rapid growth of total economic output.
“Credit card payment has become increasingly common, no need to issue large bills”, Zong Licheng believes this view lacks of real world experience and practice. His home town sells vegetables, a car load is more than hundred thousand yuan, “how do you use credit card when going to farmer’s home?” He also used the bank ATM as an example, “Each machine can only hold hundreds of largest denomination banknotes, there are on average 50 – 60 withdrawals a day, the money in an ATM can only supply half a day. If the bank has to refill the machine twice in a day, that essentially increases human and material resources.
Zong’s recommendations were supported by many netizens, “save paper, easy to use, it’s a good idea.”
@卑鄙的谁的谁: “So many years, we did not develop personal checks but pushing for 1000 yuan RMB. HK has it, why can’t RMB? Couple tens of thousands, you can just stuff it into your butt so you don’t have to worry about it being stolen.”
@缘来有机866: “miserable! Many people work hard for a month, to only get one bill.”
There are also netizens pointing out that the large banknotes are not safe.
@EJ矿工阿呆: “This is more convenient for the rich, but for those of us migrant workers, it is really a tragedy. One day, you go to the bank to withdraw 10,000 yuan, ATM spits out 10 1000 yuan bills. If two of them are counterfeits then you are doomed.”
@韬SIR：”People want money in their wallet to improve their quality of life, nominal value of the money is not important. What is more important are common people can become rich and happy!”
Netizens also commented on Zong’s example of farmers selling vegetables.
@名字常变: “According to the example, I feel he should promote to popularize POS terminals instead, let the farmers in the fields can use them, if not able to afford them then rent them. One counterfeit banknote less can earn back the cost. After all digital money is the future trend of development. In addition he should also mention the protection of personal bank accounts, there are too many “clone card” cases, even the bank card is not safe.”
@头大: “The issue of large bills only facilitates those who do not want the money in the bank, such as underground banking, corrupt officials, and tax evaders. Ordinary people really do not need it.”