MNI China Press Digest June 18: Banquets, E-Commerce, Fiscal

Highlights from Chinese press reports on Wednesday:

• Government officials cannot host illegal banqueting under the excuse of revitalising the economy, the People’s Daily said in a commentary. Rules banning illegal eating and drinking are to prevent corruption and allow the economy to develop better, the paper said. Normal catering practices are the pulse of the economy with revenue exceeding CNY5.5 trillion in 2024 and supporting more than 30 million jobs, the paper added. Non-compliant dinners are eroding public trust and must be eradicated with a zero-tolerance attitude.
• More than 70% of enterprises expect cross-border e-commerce imports and exports to be stable or grow in 2025, a Chinese customs survey has shown, following 2024’s trade reaching CNY2.7 trillion, up 14% y/y and 9 percentage points higher than the country's overall goods trade. In addition to diversifying markets, firms are developing overseas warehouse services to reduce the impact of tariff policy fluctuations, insiders said. (Source: Yicai)
• Local governments are increasingly resolving overdue corporate accounts using fiscal funds and special bonds, Securities Times reported. As of June 17, local governments had reserved CNY55.6 billion of special bonds for such purposes, according to the newspaper’s calculation. Certain places, including Yunnan and Hunan province, have increased their special-bond quota within the debt limit to supplement government funds mainly towards resolving overdue accounts owed to enterprises, the newspaper said.