MNI China Press Digest May 6: Finance, Bonds, Retail

Highlights from Chinese press reports on Monday:

• Beijing will address global uncertainty by strengthening financial cooperation with the expanded ASEAN+3 group that adds Japan, South Korea and China to the bloc, said Finance Minister Lan Fo’an at the 28th ASEAN+3 Finance Ministers and Central Bank Governors Meeting in Milan. The group agreed to launch a new rapid financing facility under the Chiang Mai Initiative using the yuan and other freely usable currencies. (Source: Securities Times)
• Local governments issued CNY3.5 trillion of bonds nationwide in the first four months of 2025, up 84% y/y, Yicai reported. Refinancing bonds accounted for CNY2 trillion, up 116% y/y, of which CNY1.6 trillion replaced hidden debt, indicating most of this year’s debt-swap quota has been utilised, Yicai noted. A total of CNY1.2 trillion in new special bonds was issued out of 2025's CNY4.4 trillion quota, with 31% towards municipal and industrial park infrastructure, while transport infrastructure, urban renewal, healthcare and land reserves were allocated 20%, 9%, 6% and 6% respectively.
• Key retail and catering firms in China saw sales growth of 6.3% y/y during the May holiday season, according to data from the Ministry of Commerce. During the vacation, home appliances, automobiles and communication equipment grew 15.5%, 13.7% and 10.5%. E-commerce platforms saw smart-home product sales up 20% y/y, while monitored restaurant enterprises nationwide rose 8.7% y/y.