Chinese micro-credit firms’ outstanding loans at 886.5b yuan

DailyTimes  |  Jul 28, 2021

Outstanding loans extended by China’s micro-credit companies stood at 886.5 billion yuan (about 136.9 billion US dollars) by the end of June, according to central bank data. By the end of last month, there were 6,686 micro-credit companies in China, the People’s Bank of China said in an online statement on Tuesday. 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 data shows that east China’s Jiangsu Province had 566 micro-credit companies by the end of June, the highest number in any provincial-level region.

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