China micro-credit firms’ outstanding loans at CNY884.1B

BEIJING (XINHUA) – Outstanding loans extended by China’s micro-credit companies stood at CNY884.1 billion (about USD126.4 billion) by the end of June, according to central bank data.

The figure was down CNY24.9 billion from the beginning of the year.

By the end of last month, the number of micro-credit companies in China came in at 7,333, the People’s Bank of China said in an online statement. Micro-lenders largely target small companies and low-income groups in need of capital. In recent years, China has tightened regulations for the sector to rein in financial risks.

The central bank report showed east China’s Jiangsu Province had 564 small-credit companies by June, the most in any provincial-level region.