Reported 8 months ago
To prevent financial market turmoil due to the real estate crisis, the Chinese government is reportedly planning to establish a new rescue fund, potentially amounting to billions of yuan, to assist troubled financial institutions in order to prevent sudden closures. The plan is expected to be announced by the end of this year, aimed at addressing concerns over financial instability arising from the default of major real estate developers like Evergrande and Country Garden. The fund would be mainly funded by financial industry companies, with the People's Bank of China offering low-interest loans to expand the fund if needed.
Source: YAHOO