China plans to establish a rescue fund worth hundreds of billions of yuan to prevent financial institution collapses due to the real estate slump, according to Nikkei. A bill detailing the fund will be discussed by the National People’s Congress and is expected to be enacted by year-end. Chinese regulators have approved funding support for Weifang city in Shandong province, instructing banks to offer loan refinancing. This move expands the central government’s efforts to manage debt risks, following successful bailouts in cities like Tianjin. China’s fiscal revenue fell 4.1% from January to May, the steepest drop since February 2023, totaling CNY11.36tr (USD1.563tr). Combined spending dropped 2.2% to CNY13.61tr, resulting in a fiscal shortfall of CNY2.25tr.