China's central bank reported a 0.4% year-over-year increase in outstanding renminbi real estate loans, reaching 53.33 trillion yuan at the end of the second quarter of 2025. Real estate development loans also rose by 0.3% year-over-year to 13.81 trillion yuan, while individual mortgage loans declined slightly by 0.1%. The overall RMB loans by financial institutions totaled 268.56 trillion yuan. This rebound in property-related lending is seen as an early sign of stabilization in China's real estate market, indicating a gradual recovery in financing activity and renewed confidence among developers and homebuyers. Meanwhile, China's fiscal revenues for the first half of 2025 fell by 0.3% year-over-year, with government land sales revenue dropping 6.5%. Expenditures increased by 3.4% year-over-year, and the budget deficit reached a new record, reflecting intensified government efforts to support domestic demand. The Ministry of Finance announced the completion of issuing 500 billion yuan in special treasury bonds to replenish state financial institutions' capital. Local governments issued 2.16 trillion yuan in special bonds during the first half of the year, with plans to accelerate new policies to boost consumption, including a fourth batch of special bonds for consumer goods trade-in scheduled for October. Tax revenues showed mixed results: stamp tax revenue rose 19.7% to 195.3 billion yuan, property tax revenue increased 12% to 261.8 billion yuan, while land appreciation tax revenue declined 17.6% to 253.5 billion yuan. The Ministry of Finance emphasized implementing proactive fiscal policies to promote economic growth and recovery.