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China micro-credit firms' outstanding loans at 928.8b yuan

Xinhua | Updated: 2019-10-28 14:41
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A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province, July 23, 2018. [Photo/IC]

BEIJING - Outstanding loans extended by China's micro-credit companies amounted to 928.8 billion yuan ($131.4 billion) by the end of September, data from the central bank showed.

The volume was down 25.7 billion yuan in the first three quarters, according to the People's Bank of China.

By the end of September, the number of micro-credit companies in China came in at 7,680.

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 firms as well as individuals to access funds.

The central bank report showed East China's Jiangsu province had 565 small-credit companies by the end of September, the most of any provincial-level region, followed by Liaoning province and Guangdong province.

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