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October 26, 2016

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Decline in small-loan balance

Source: Xinhua | October 26, 2016, Wednesday | Print Edition

OUTSTANDING loans extended by China’s micro-credit companies totaled 929.3 billion yuan (US$137 billion) at the end of September, data from the central bank showed yesterday.

The volume was down 11.1 billion yuan from the end of 2015.

At the end of September, there were 8,741 micro-credit companies in China, the People’s Bank of China said in a statement on its website.

Micro-lenders largely target small companies and low-income groups in need of capital. In recent years, micro-lending companies have become an important channel for medium and small-sized enterprises as well as individuals to access funds.

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