Group 1 - The 28th ASEAN Plus Three (10+3) Finance Ministers and Central Bank Governors Meeting was held on May 4 in Milan, Italy, focusing on global and regional macroeconomic conditions and financial cooperation [1] - The meeting resulted in a joint statement emphasizing the need for deeper policy coordination and strengthening the regional financial safety net [1] - China announced a donation of $4 million to the AMRO China Technical Assistance Trust Fund to support macroeconomic monitoring and financial stability capacity building among regional members [1] Group 2 - A new rapid financing tool funded by freely usable currencies like the Renminbi was established under the CMIM, marking a significant step towards diversifying the international monetary system in the region [2] - The meeting highlighted the rising economic and financial risks faced by the 10+3 region, underscoring the importance of enhancing the Chiang Mai Initiative mechanism and regional financial safety nets [2] - The introduction of this financing tool expands the resources available under the Chiang Mai Initiative and reflects the region's unique characteristics [2]

Core Viewpoint - The meeting emphasized the importance of strengthening the regional financial safety net and enhancing the Chiang Mai Initiative (CMI) mechanism to address rising economic and financial risks in the 10+3 region due to unilateralism and global uncertainties [4][6]. Group 1: Meeting Outcomes - The 10+3 finance ministers and central bank governors' meeting resulted in a consensus to introduce a rapid financing tool funded by freely usable currencies like the Renminbi, expanding the resources available under the Chiang Mai Initiative [2][4]. - The meeting also laid a solid foundation for improving the capital contribution scheme of the Chiang Mai Initiative based on the International Monetary Fund (IMF) model, which is crucial for enhancing the effectiveness of the initiative and maintaining regional stability [6]. Group 2: Regional Cooperation - Pan Gongsheng called for regional countries to unite in response to the impact of U.S. tariff policies, highlighting the need for coordinated macroeconomic policies among the 10+3 nations [7][8]. - Bilateral discussions were held with finance ministers and central bank governors from Japan, South Korea, and Malaysia to exchange views on the global uncertainties affecting their economies [8].

Group 1 - The 28th ASEAN Plus Three (10+3) Finance Ministers and Central Bank Governors Meeting was held on May 4 in Milan, Italy, focusing on global and regional macroeconomic conditions and financial cooperation [1] - The meeting resulted in a joint statement emphasizing the need for deeper policy coordination and strengthening the regional financial safety net [1] - China announced a donation of $4 million to the AMRO China Technical Assistance Trust Fund to support macroeconomic monitoring and financial stability capacity building among regional members [1] Group 2 - The 10+3 region demonstrates strong resilience and significant growth potential, but faces complex internal and external challenges [2] - The meeting reached a consensus on establishing a rapid financing tool under the CMIM using freely usable currencies like the renminbi, marking a significant step towards diversifying the international monetary system [2] - The introduction of this financing tool expands the resources available under the Chiang Mai Initiative and highlights regional characteristics [2]