In the run up to the online shopping festival on May 5, six major banks in China are advocating China's new central bank digital money, or CBDC. The banks urge retail stores and customers to download and buy the CBDC digital wallet. Alipay from Ant Group and WeChat Pay from Tencent's new methods of payment. The State has also stepped up efforts to curb tech giant domination and tackle anti-competitive conduct in the Internet industry.